PCAOB 2024 Second Quarter Recap
Public Company Accounting Oversight Board (PCAOB)
The PCAOB oversees the audits of public companies and SEC-registered brokers and dealers.
This recap presents key PCAOB developments and news for the second quarter of 2024. For more on the PCAOB’s work to protect investors, please sign up for updates here.
Chair Williams Statement on Reappointment to Second Term. On June 11, PCAOB Chair Erica Y. Williams issued a statement after the U.S. Securities and Exchange Commission (SEC) announced it had appointed her to a second term beginning on Oct. 25, 2024, and running through Oct. 24, 2029. The SEC conducted the swearing-in ceremony virtually.
Chair Williams Press Conference Remarks: The PCAOB Will Not Tolerate Cheating. On April 10, Chair Williams made remarks at virtual press conference announcing a record $25 million fine on KPMG Netherlands after exam cheating, misinforming investigators.
2023 Annual Report. The PCAOB released its 2023 Annual Report, which summarizes its operations and financial results from last year.
PCAOB Protects Investor Education Video Series. This series of six short videos covers how the PCAOB works every day to strengthen investor protection for the benefit of our markets and economy.
Enforcement
During the second quarter, the PCAOB imposed over $28 million in fines against those who put investors at risk, for a record total of $34,750,000.00 so far this year.?Learn more about the PCAOB’s enforcement actions.?
Standard Setting and Rulemaking
During the second quarter, the PCAOB issued three proposals and four adoptions. Learn more about our rules and rulemaking docket.
Inspections
During the second quarter, the PCAOB published 28 inspection reports. Learn more about our firm inspection reports. We also issued 4 staff publications to help auditors, audit committees, investors, and preparers understand the PCAOB's activities and observations.
Engagement
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The PCAOB Hosts Forums for Auditors of Small Businesses
On May 22, Chair Williams addressed small business and broker-dealer auditors in Chicago at the first of 5 Forums on Auditing in the Small Business Environment and on Auditing Broker-Dealers the PCAOB is hosting around the country this year.?
Board Member George Botic discussed the essential role of smaller audit firms at the PCAOB's forum for small business and broker-dealer auditors on June 5 in Los Angeles. “The work you perform is essential to a healthy and vibrant capital market,” said Botic.
The PCAOB?Participates in the 2024 National Association of Black Accountants Convention and Expo in Las Vegas. On June 19, the PCAOB sponsored a career booth and hosted a panel discussion entitled The Role of the PCAOB. Convention attendees had the opportunity to learn more about the vital role the PCAOB plays in protecting investors.
Standards and Emerging Issues Advisory Group Holds Meeting. Discussion topics at the May 9 meeting included Emerging Issues in Auditing Subcommittee Presentation on Fraud Recommendations, Fraud Panels Presentation and Discussion, Consideration of the Internal Audit Function.
Investor Advisory: PCAOB Investor Advisory Group Requests Public Submit Examples of Critical or Key Audit Matters. On April 29, the PCAOB’s Office of the Investor Advocate alerted investors to the opportunity to provide the PCAOB Investor Advisory Group with examples of critical audit matters or key audit matters for analysis. The period to submit comments closed June 30.
Webinar for Audit Committee Members. On April 11, the Office of Communications and Engagement collaborated with the Division of Registration and Inspections to host a webinar for audit committee members entitled Inspections Priorities 2024: Considerations for the Audit Committee.
Roundtable with Investors and Audit Committee Members. On June 6, the Office of Communications and Engagement and the Office of the Investor Advocate hosted the second in a series of roundtables to discuss how investors and audit committee members can increase communication.
PCAOB Personnel Announcement
Christine Gunia Named Director of the PCAOB’s Division of Registration and Inspections. On April 15, the Board announced the appointment of Christine Gunia as Director of the PCAOB’s Division of Registration and Inspections (DRI). Prior to her current appointment, Ms. Gunia served as DRI’s Acting Director.
Job Openings
We are hiring mission-driven professionals interested in a career with purpose, competitive benefit offerings, and work-life flexibility. Visit our website for career opportunities with the PCAOB.
About the PCAOB
The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The PCAOB also oversees the audits of brokers and dealers registered with the Securities and Exchange Commission, including compliance reports filed pursuant to federal securities laws.
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