Public Company Accounting Oversight Board Chairman William Duhnke III and board members discussed the organization’s current-year activities and plans for next year at the American Institute of Certified Public Accountants’ (AICPA) conference last week. The foundation of the PCAOB’s efforts has been driving continuous improvement in audit quality and oversight through its inspection program, along with extensive outreach to auditors, audit committees, investors, and preparers.
The PCAOB is in Year 2 of its transformation of the inspection program, which includes a focus on audit firm quality control, especially at the largest firms. It intends to target certain important issues across the profession on a timely basis, including multi-location audits and COVID-19 risks.