backThe PCAOB released its 2023 Annual Report on April 11, 2024. The Report provides updates on the PCAOB’s operations and financial results for fiscal year 2023. Specifically, the Report discusses the Board’s four strategic goals: modernize standards, enhance inspections, strengthen enforcement, and improve organization effectiveness. The Report notes that in 2023, the Board took more formal standard setting and rulemaking actions than any year since 2013. With respect to inspections, the Board inspected 227 audit firms and reviewed nearly 900 audit engagements in 37 jurisdictions around the world in 2023. The Board also issued its first inspection reports for firms headquartered in mainland China and Hong Kong. In terms of enforcement activity, the Board imposed over $20 million in civil monetary penalties in 2023, the most previously imposed in a year, an amount which the Board has already surpassed this year. It also imposed the first-ever sanctions related to membership in an accounting alliance. Finally, the Board created the Office of the Investor Advocate to obtain investor feedback. The Report also includes the Board’s financial statements.
The Annual Report is available here.