The Public Company Accounting Oversight Board is rejiggering its standard-setting agenda by adding two new projects Tuesday planned for short-term action, along with four new projects aimed at improving PCAOB rules to protect investors.
The rulemaking projects aim to enhance investor transparency and enforcement of PCAOB rules and standards.
The short-term list includes standard-setting projects where a board action such as proposal or adoption is expected within a year. The short-term list now includes Firm and Engagement Performance Metrics, which previously was listed on the PCAOB’s Research agenda. Another project, Substantive Analytical Procedures, has now been moved over to the short-term list from the mid-term category.
Mid-term projects are projects where the PCAOB staff is actively engaged but board action isn’t anticipated in the next 12 months. On the mid-term list, the PCAOB has now added projects on Use of a Service Organization and Interim Financial Information Reviews.
There are also four new rule-making projects. While they’re separate from PCAOB standards, the four new projects consider how PCAOB rules could be improved in these areas: firm reporting and transparency, contributory liability, follow-on disciplinary proceedings and registration.
“The PCAOB is pursuing one of the most ambitious standard-setting agendas in its history, and the updates reflect the solid progress that we are making to carry out that agenda,” said PCAOB chair Erica Williams in a statement. “Our new rulemakings also show our commitment to making enhancements that will allow the PCAOB to execute our mission to protect investors more effectively and efficiently.”
Both the standard-setting and rulemaking projects can be found on the Standard-Setting, Research and Rulemaking Projects page.
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