For the first time ever, the Public Company Accounting Oversight Board (“PCAOB”) is seeking public comments on the draft version of its strategic plan. The draft of Strategic Plan: 2018-2022 outlines the PCAOB’s long-term objectives for improving audit quality and the board’s efforts to improve its communication to financial markets and the accounting field.
The PCAOB’s draft plan includes providing accounting firms more timely responses following inspections and giving quick feedback to auditing profession and financial reporting changes. Additionally, the audit regulator wants its enforcement efforts to focus on issues that are of greater risk to investors and will discourage accounting fraud. The PCAOB also plans to increase its reliance on economic and risk analysis, and conduct post-implementation reviews of its standards to establish regulatory priorities.
Other planned efforts involve collecting more feedback from investors, monitoring risks to audit quality, and improving the oversight of its staff. The board also aims to reevaluate its Standing Advisory Group and Investor Advisory Group and assess any recommendation they make to the PCAOB.
Comments on the draft strategic plan are due Monday, September 10.