PCAOB changes ahead – What they mean for auditors and preparers

Sep 23, 2025

In this discussion, Brian Croteau, US Chief Auditor at PwC, shares his insights on upcoming PCAOB changes and their implications. He explores the PCAOB's historical significance and recent leadership shifts at both the PCAOB and SEC. Croteau emphasizes the necessity for greater transparency in standard-setting, particularly concerning AI and cryptocurrencies. He also talks about potential reforms in PCAOB inspections and the importance of public engagement in shaping future directions. It's a deep dive into the evolving landscape of audit standards.

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ANECDOTE

Beekeeper Origin Story

Brian Croteau won a beekeeping essay contest in high school and received a hive as a prize.
He kept bees for a few years, learned from an older mentor, and even won a ribbon for his honey quality.

INSIGHT

Supreme Court Ruling Weakened PCAOB Continuity

The PCAOB materially improved audit quality since its creation, but governance flaws exist due to board member removal changes.
The Supreme Court decision allowing at-will removal reduced continuity and created instability in PCAOB leadership.

INSIGHT

Congress Nearly Eliminated The PCAOB

The PCAOB faced a second existential threat when Congress debated folding it into the SEC during budget reconciliation.
That provision was blocked by the Senate parliamentarian, leaving the PCAOB intact for now.

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Significant developments are underway at the PCAOB. In this episode, we provide an overview on the latest changes, what’s on the horizon, and the potential implications for preparers. Our guest is Brian Croteau, PwC’s US Chief Auditor, who leads our team that follows all things PCAOB.

In this episode, we discuss:

3:14 – A historical perspective on the PCAOB
10:01 – Leadership changes at the SEC and PCAOB
21:05 – Standard setting projects and priorities
33:05 – Standard setting related to emerging technologies (e.g., AI, crypto)
37:28 – Potential changes to the PCAOB’s inspection program

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About our guest

Brian Croteau is the US Chief Auditor. He oversees the establishment and maintenance of PwC’s audit policies and practices, leads efforts to directly support PwC’s audit quality objectives, and plays a key role in the monitoring and assessment of audit quality. He also leads the firm’s efforts related to its relationship with the PCAOB, including supporting all aspects of the PCAOB’s inspection process. Brian currently serves as a member of the PCAOB’s Standards and Emerging Issues Advisory Group (SEIAG) and the SEIAG’s Emerging Issues in Auditing subcommittee. Prior to rejoining PwC, he served as the Deputy Chief Accountant of the Professional Practice Group within the Office of the Chief Accountant at the SEC where he played a key role in the SEC’s oversight of the activities of the PCAOB, managed the resolution of auditor independence issues and ethical matters, and monitored audit and independence standard setting internationally.

About our guest host

Diana Stoltzfus is a partner in the National Office who helps to shape PwC’s perspectives on regulatory matters, responses to rulemakings and policy development, and implementation related to significant new rules and regulations. Prior to rejoining PwC, Diana was the Deputy Chief Accountant in the Office of the Chief Accountant (OCA) at the SEC where she led the activities of the OCA’s Professional Practices Group.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com

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