NASBA Comments on PCAOB Plan

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The Public Company Accounting Oversight Board’s Strategic Plan 2018-22 maps out four goals for the PCAOB and the objectives to reach those goals. This is the first time the PCAOB has invited public comment on its areas of strategic focus. NASBA commended the PCAOB on the current board’s effort to refresh its strategy, but pointed out the important role State Boards were meant to play in the effective functioning of the PCAOB when it was created by Congress.

The letter from NASBA Chair Theodore Long and President Ken Bishop states: ”NASBA would welcome the opportunity to continue the historical dialogue with Board members of the PCAOB and key staff. The Sarbanes-Oxley Act, as adopted, expressly provided for State Boards as active beneficiaries and even participants in the PCAOB’s public protection work.”

They underscore: “NASBA encourages the PCAOB to consider ways that state regulators can work with the PCAOB to protect the public interest.”

PCAOB Commissioner James G. Kaiser, CPA, will be addressing the NASBA Annual Meeting in October. Commissioner Kaiser joined the PCAOB in March 2018 after retiring from Pricewaterhouse Coopers. He had been with the firm for 38 years, including 28 years as an audit partner, and had been a member of the PwC Global Assurance Executive Leadership Team.