backOn December 4, 2023, PCAOB Chair Erica Y. Williams delivered remarks at the AICPA & CIMA Conference on Current SEC and PCAOB Developments. In her remarks, Chair Williams addressed the Board’s standard setting efforts, inspection outcomes, and enforcement results. First, she noted the Board’s focus on modernizing its standards. Since Chair Williams joined the Board nearly two years ago, the Board has issued six proposals to modernize its standards—with an additional proposal regarding follow-on disciplinary proceedings expected before the end of the year—and has adopted two new standards. Next, Chair Williams emphasized that inspection deficiency rates are trending upward for domestic and international firms for the second year in a row. She encouraged firms to take advantage of the remediation process to improve audit quality. Finally, Chair Williams discussed the Board’s enforcement efforts, noting that the PCAOB has imposed nearly $20 million in penalties this year, the highest yearly total ever.
Chair Williams’ prepared remarks are available here.