PCAOB: Advisory Groups Draft Governance Frameworks

In this comment letter, the CAQ provides views to the PCAOB related to its Release No. 2022-001: Advisory Groups – Draft Governance Frameworks. The CAQ is very supportive of the Board’s efforts to establish two new advisory groups, the Investor Advisory Group (“IAG”) and the Standards and Emerging Issues Advisory Group (“SEIAG”). Obtaining input and insights from a variety of stakeholders with a diversity of experiences on matters related to audit quality is critically important.

In our letter, we call on the Board to include individuals with current and recent experience auditing public companies with a range of public company auditing clients to provide a broad perspective. We comment that transparency regarding how the SEIAG meeting discussions inform the Board’s decision-making process will be helpful in understanding the Board’s actions and decisions. Lastly, we are very supportive of the inclusion of certain observers, especially other financial reporting and auditing standard setters. Some commonality among key standards allows for consistent application of auditing standards by thousands of auditors globally.

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