Driving Audit Quality - PCAOB Engagement with Audit Committees and Investors

Join BDO in discussion with Erin Dwyer, Deputy Director & Stakeholder Liaison at Public Company Accounting Oversight Board (PCAOB).

Key Takeaways

• Audit committees continue to seek more education about the PCAOB inspection and reporting process and the PCAOB is continuing to provide more transparency and timely reporting in this area.

• Investors are becoming more focused on accounting and reporting as a governance issue and are highly interested in understanding audit committee oversight and there is an opportunity for audit committees to become more engaged in dialogues with investors.

• The PCAOB views engagement with investors on international activities, including understanding audit failures and specific country restrictions on PCAOB inspections that may impact audit quality, as an increasing area of importance

• Critical Audit Matters (CAM) is an additional area that all three stakeholder groups are continuing to understand and form opinions on with regard to the value of the information CAM disclosures within the auditor’s opinion may provide

• PCAOB is open to and welcomes engagement with audit committees, investors and preparers on a broad range of issues impacting audit quality

PCAOB Resources:

• PCAOB Audit Committee Resources

• PCAOB Investor Resources

• PCAOB Preparer Resources

• PCAOB Webinar for Audit Committees (July 2020 Replay)

• Conversations with Audit Committee Chairs: COVID-19 and the Audit