November 19, 2019
The PCAOB voted unanimously to adopt its 2019-2023 Strategic Plan. The plan reaffirms the five values and five core goals that the Board will advance to effectively fulfill its mission.
Key Factors Affecting the Strategic Outlook
The key factors guiding the efforts include the following:
First, the quality of audit services has improved substantially since the formation of the PCAOB, but more remains to be done. To make further progress, we must regularly assess our oversight activities and the operations that support them and adjust accordingly in response to current and emerging risks and opportunities.
Second, advancements in technology and data collection and analytics are rapidly disrupting the broader financial reporting system. Both the pace and direction of change will have significant implications for the audit profession. We must anticipate and respond appropriately to those changes.
Third, substantial opportunities exist for us to engage more effectively with investors, audit committees, preparers, and our other stakeholders and to provide them with more timely and relevant information regarding our oversight activities.
1. Drive improvement in the quality of audit services through a combination of prevention, detection, deterrence, and remediation.
2. Anticipate and respond to the changing environment, including emerging technologies and related risks and opportunities.
3. Enhance transparency and accessibility through proactive stakeholder engagement.
4. Pursue operational excellence through efficient and effective use of the resources, information, and technology.
5. Develop, empower, and reward the people to achieve the shared goals.