Company Directory - Public Company Accounting Board (PCAOB)
Company Details - Public Company Accounting Board (PCAOB)
Public Company Accounting Board (PCAOB)
WebsiteThe Public Company Accounting Oversight Board (PCAOB) is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors' interests. PCAOB conducts inspections of registered public accounting firms and oversees the audit industry, ensuring compliance with established standards and regulations.
CCI Score
CCI Score: Public Company Accounting Board (PCAOB)
27.64
-0.02%
Latest Event
PCAOB Releases 2023 Inspection Reports
PCAOB announced the publication of its 2023 inspection reports, noting improvements at large firms alongside persistent audit deficiencies. The reports were released sooner than in previous years and are accompanied by a new staff Spotlight, which aims to enhance transparency and accountability for investors and other stakeholders.
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DISSENTER
Public Company Accounting Board (PCAOB) is currently rated as a Dissenter.
Latest Events
- AUG162024
PCAOB announced the publication of its 2023 inspection reports, noting improvements at large firms alongside persistent audit deficiencies. The reports were released sooner than in previous years and are accompanied by a new staff Spotlight, which aims to enhance transparency and accountability for investors and other stakeholders.
+40
Public and Political Behavior
April 15
The PCAOB's prompt and transparent release of the 2023 inspection reports, along with the deployment of a staff Spotlight to explain findings, reinforces accountability within the audit industry. This commitment to transparency supports democratic oversight and investor protection, aligning with anti-authoritarian and progressive ideals.
- AUG152024
The PCAOB published its 2023 annual inspection reports along with a new staff Spotlight publication and interactive charts, speeding up the release of audit firm reports to boost public accessibility and accountability.
+60
Public and Political Behavior
April 15
By promptly releasing comprehensive inspection reports, along with staff observations and new interactive charts, PCAOB enhances transparency and accountability. These measures empower stakeholders to scrutinize audit quality, reducing the risk of regulatory capture and supporting democratic oversight—actions that align with anti-authoritarian and public interest values.
- JUN122024
The PCAOB adopted amendments to two auditing standards (AS 1105 and AS 2301) to clarify auditor responsibilities when using technology-assisted analysis. The changes aim to enhance audit quality and evidence assessment by providing clear guidelines on the use of electronic information and testing procedures.
+50
Public and Political Behavior
April 15
By updating standards to ensure auditors properly evaluate digital evidence and maintain rigorous audit practices, PCAOB reinforces public accountability and protects investor interests, which aligns with strengthening democratic oversight and countering corporate malfeasance.
+40
Technology and Services Impact
April 15
The clarifications regarding the use of technology in audit procedures ensure that digital analysis is used appropriately and responsibly. This move helps prevent potential abuses of technological tools and strengthens audit integrity, which is supportive of broader anti-authoritarian and public interest values.
- DEC122023
During a December 12, 2023 hearing before the U.S. House Committee, PCAOB Chair Erica Y. Williams outlined an ambitious agenda to modernize auditing standards, introduce digital enhancements to inspection reports, and reinforce accountability measures within the auditing industry.
+70
Public and Political Behavior
April 15
By engaging with lawmakers and the public to reform outdated standards, PCAOB demonstrates proactive public and political behavior that promotes accountability and transparency in financial oversight, contributing to stronger investor protections.
PDF Statement of Erica Y. Williams Chair Public Company Accounting ...
+65
Business Practices and Ethical Responsibility
April 15
The proposals to update and consolidate audit standards as well as improve inspection report accessibility reflect a commitment to ethical business practices that prioritize investor protection and industry accountability.
PDF Statement of Erica Y. Williams Chair Public Company Accounting ...
+50
Technology and Services Impact
April 15
The initiative to incorporate digital enhancements in inspection reports and data accessibility indicates an investment in technology to bolster transparency and improve regulatory processes, thereby supporting democratic accountability.
PDF Statement of Erica Y. Williams Chair Public Company Accounting ...
+60
Economic and Structural Influence
April 15
Reforming audit standards and inspection processes contributes to stronger economic governance by ensuring that financial markets operate under a clear and modern framework, reducing systemic risks and promoting fair market practices.
PDF Statement of Erica Y. Williams Chair Public Company Accounting ...
- NOV302023
On November 30, 2023, the PCAOB announced enforcement actions against China-based audit firms, imposing unprecedented fines totaling $7.9 million, marking a historic move to hold violators accountable and enhance investor protection.
+80
Public and Political Behavior
April 15
The enforcement actions demonstrate robust regulatory oversight by the PCAOB, affirming its commitment to transparency and the protection of investors. This decisive stance against audit firms violating standards undermines any potential for authoritarian corporate malpractice.
PDF Statement of Erica Y. Williams Chair Public Company Accounting ...
+70
Business Practices and Ethical Responsibility
April 15
Imposing strong financial penalties and sanctions reinforces ethical business practices within the auditing industry, ensuring that firms adhere to rigorous standards that protect investors and promote fair practices.
PDF Statement of Erica Y. Williams Chair Public Company Accounting ...
+60
Economic and Structural Influence
April 15
By executing unprecedented sanctions, the PCAOB helps maintain the integrity of financial markets and prevents economic structures that may favor malpractices, thus ensuring fair and accountable market operations.
PDF Statement of Erica Y. Williams Chair Public Company Accounting ...
- OCT012023
The PCAOB released its second interim post‐implementation review report on the impact of Critical Audit Matters (CAM) requirements adopted in 2017. The report finds a decline in the average number of CAMs per audit report and notes evolving investor awareness, while reaffirming the Board's commitment to enhancing audit quality and protecting investor interests through robust economic analysis and standard‐setting.
+20
Economic and Structural Influence
April 15
The ongoing post‐implementation review of audit standards contributes to broader economic transparency and structural accountability in financial markets, which helps resist tendencies toward centralizing power and opaque economic structures associated with authoritarian regimes.
+40
Public and Political Behavior
April 15
The release of this report reinforces PCAOB's role in protecting investors and upholding transparent regulatory processes, which bolsters public trust in financial oversight—a key element in countering authoritarian practices that undermine democratic accountability.
+25
Business Practices and Ethical Responsibility
April 15
By conducting a robust post‐implementation review of the CAM requirements, the PCAOB is reinforcing high standards in audit practices and ethical business practices, ensuring accountability and strengthening investor protection which are critical to counteract opaque systems linked to authoritarian practices.
- JUN262023
On June 26, 2023, the Public Company Accounting Oversight Board issued a proposal to update auditor guidelines for using technology-assisted analysis. The new rules aim to ensure that large volumes of electronic audit evidence are properly evaluated, which is expected to enhance audit quality and investor protection.
+20
Public and Political Behavior
April 15
The proposal signifies a proactive regulatory step to modernize audit standards, thereby bolstering public trust and protecting investor interests. This sort of initiative can help ensure transparency in financial reporting, indirectly curbing corporate malfeasance that can contribute to authoritarian economic practices.
PCAOB Looks to Add Rules for Auditors on Technology-Assisted Analysis
+30
Technology and Services Impact
April 15
By clarifying the role of technology in audit evidence gathering, the PCAOB is ensuring that the evolving digital landscape is factored into regulatory standards. This move not only modernizes auditing practices but also enhances accountability and risk management in financial inspections, which indirectly supports progressive oversight.
PCAOB Looks to Add Rules for Auditors on Technology-Assisted Analysis
- JUL012022
A recent academic study analyzes how politically connected audit firms benefit from more lenient PCAOB inspection reports. The research highlights evidence suggesting that political pressures and indirect influence are compromising the board's independent regulatory role, raising concerns about regulatory capture.
-20
Public and Political Behavior
April 15
The study indicates that the PCAOB may be yielding to political pressure, undermining its role as an independent regulator. This reflects negatively on its political behavior by allowing external influences to shape regulatory decisions, which is concerning from an anti-authoritarian perspective.
Audit firm political connections and PCAOB inspection reports ☆
-40
Regulatory Capture
April 15
The research provides robust evidence that politically connected audit firms receive less severe inspection reports, which indicates regulatory capture. This suggests that the PCAOB's decisions might be unduly influenced by economic and political interests, thereby compromising its mandate to protect the public interest.
Audit firm political connections and PCAOB inspection reports ☆
- JUL012022
A study published on July 1, 2022, finds that political connections among audit firms are associated with less harsh PCAOB inspection reports, raising concerns about regulatory capture and the board's independence in the face of political pressure.
-40
Public and Political Behavior
April 15
The study indicates that external political pressure from audit firms, amplified via PAC contributions, appears to be influencing PCAOB inspection outcomes, compromising the board's role as an impartial regulator.
Audit firm political connections and PCAOB inspection reports ☆
-30
Regulatory Capture
April 15
Evidence from the study suggests that the PCAOB may be experiencing regulatory capture, where its inspection reports are softened in response to political influences from well-connected audit firms, undermining its regulatory effectiveness.
Audit firm political connections and PCAOB inspection reports ☆
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