On December 3, 2024, PCAOB Chair Erica Y. Williams delivered remarks at the 19th Annual Baruch Auditing Conference.  Chair Williams noted that the SEC recently approved the PCAOB’s quality control standard, which includes a requirement for firms that audit more than 100 issuers per year to establish an external oversight function to promote independent oversight of the quality control system.  Chair Williams also noted the PCAOB’s efforts to enhance its inspections program, stating that PCAOB inspectors have found in recent years that audit deficiencies remain high. With respect to enforcement, Chair Williams noted that the PCAOB is focused on a strong enforcement program because serious misconduct that impacts investors should have strong consequences.

Chair Williams’ remarks are available here.