The State Boards and the PCAOB both exist for the protection of the public interest, Public Company Accounting Oversight Board Member James G. Kaiser told the Annual Meeting. The PCAOB is an entirely new board, with members from across the spectrum of viewpoints and experience, and they anticipate completing their new staffing by the end of 2018. They drafted a five-year strategic plan with the aid of an external consultant who conducted both internal and external surveys. Mr. Kaiser thanked all those who commented on the plan, including NASBA, and the PCAOB hopes to finalize the plan at their November 15 meeting when their budget if finalized.
The PCAOB’s most recent appointments were George Botic, PCAOB Director of Registration and Inspections, and Liza McAndrew Moberg, PCAOB Director of International Affairs.
While the introduction of new technologies presents risks, Mr. Kaiser said the PCAOB’s existing standards do not impede the use of technology and the Board will stay on top of innovations. They believe now is an excellent time to review how to conduct their inspections. They expect to transform the standard-setting process, focusing on the time it takes to set standards and how the process is communicated. Mr. Kaiser reported the PCAOB wants to formalize the way in which they communicate with the public.
NASBA Director-at-Large Rick Reisig asked Mr. Kaiser how outreach might be more formal and he responded that there has been a gap with the PCAOB’s communication with audit committees. At one time, the audit committee chairs were contacted with each PCAOB inspection. Mr. Kaiser said the PCAOB will be going back to contacting those chairs. They are also looking at how to better engage with stakeholders.
Updating the audience on the progress of the PCAOB’s standard-setting, he reported the standard on using the work of specialists is expected by late 2018, on auditing accounting estimates by the end of 2018 and on supervision of audits involving other auditors in the first half of 2019.
NASBA leaders will be meeting with the PCAOB in D.C. on November 27, 2018.
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