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US PCAOB Chair on Audit Reform Efforts

US PCAOB Chair on Audit Reform Efforts

by Starling Insights

Starling Insights Editorial Board

Aug 19, 2024

Observations

In a fireside chat at Baruch College's 22nd Annual Financial Reporting Conference earlier this year, Erica Y. Williams, Chair of the US Public Company Accounting Oversight Board (PCAOB), discussed the regulator's efforts to modernize standards, enhance inspections, and strengthen enforcement to protect investors.

Since her appointment in 2022, the PCAOB has undertaken the most ambitious rulemaking agenda in its history, Williams said, revising outdated interim standards set in 2003 and proposing new rules to address emerging challenges. Williams highlighted two proposals aimed at increasing transparency and empowering investors. First, the firm and engagement metrics proposal, which would require firms auditing public companies to disclose standardized metrics annually. And, second, the firm reporting proposal, which seeks to modernize information collection from audit firms. These measures are intended to provide consistent, comparable data for investors and audit committees, helping them make more informed decisions.

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