New PCAOB Members to Meet with Standing Advisory Group
Today in Washington, D.C., the Public Company Accounting Oversight Board’s (“PCAOB”) five new members are holding their first meeting with the board’s Standing Advisory Group (“SAG”). The meeting will give Robert Brown, William Duhnke, Kathleen Hamm, James Kaiser and Duane Desparte an opportunity to update SAG members on the PCAOB’s standard-setting activities and hear the advisory panel’s thoughts on emerging issues that may impact an auditor’s work.
The two-day meeting will also feature a presentation on audit firms’ implementation of Release No. 2017-001, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion and Related Amendments to PCAOB Standards. Issued last year, the rule expands the auditor’s report to improve its usefulness to investors. Larger companies must apply Release No. 2017-001 to the audits of 2019 year-end financial statements; smaller companies must apply the rule in 2020. Finally, the SAG will hold a panel discussion on corporate culture and its effects on audit work.
Next week’s meeting comes at a time when William Duhnke is considering a new approach to the PCAOB’s standard-setting activities. Duhnke, the PCAOB chairman, is also evaluating inspections of public accounting firms and regulatory priorities.