The Public Company Accounting Oversight Board (PCAOB) is seeking public input regarding its five-year strategic plan draft to aid the organization in its mission to protect investors.
“The people we serve are top of mind in everything we do at the PCAOB, and we look forward to hearing from the public as we move forward with our ambitious plan to protect investors,” PCAOB Chair Erica Y. Williams said.
The plan focuses on modernizing standards, enhancing inspections, strengthening enforcement, and bolstering organizational effectiveness.
Draft plan input must be received by Sept. 15, 2022, and submitted via email to comments@pcaobus.org; or by postal mail to the Office of the Secretary, PCAOB, 1666 K Street, NW, Washington, DC 20006-2803.
All comments are slated to be made public and posted on the PCAOB website, with commenters encouraged to provide their name and professional affiliation.
The PCAOB indicated investor protection initiatives include increasing the PCAOB’s average penalty against individuals, boosting the average penalty against firms by more than 65 percent compared to the last five years, and establishing two new advisory panels – the Investor Advisory Group and the Standards and Emerging Issues Advisory Group.
The PCAOB seeks to achieve its mission by interacting with stakeholders that include investors, investor advocates, audit firms, and individual auditors.