The Center for Audit Quality (CAQ) submitted a comment letter in response to the Public Company Accounting Oversight Board’s (PCAOB) request for comment on its strategic priorities.
In our letter, we recommend that the PCAOB prioritize its activities in four key areas:
- Modernize the design of inspections to appropriately incorporate firms’ systems of quality control under QC 1000
- Execute the inspection process with transparency, timeliness, and consistency
- Improve inspection reporting to focus on material matters and meet stakeholder needs
- Pursue standard setting selectively and based on demonstrated need supported by a formal and transparent agenda-setting process
To read the full text of our comment letter, please see the letter.