July 31, 2020
As part of the Public Company Accounting Oversight Board’s (PCAOB) strategic goal of enhancing transparency and accessibility through proactive stakeholder engagement, the Board has committed to engaging more directly and more often with audit committees. In 2019, we reached out to nearly 400 audit committee chairs of U.S. issuers whose audits we inspected and offered them the opportunity to speak with us.
We have continued this outreach to audit committee chairs during our 2020 inspections. Given the unprecedented challenges for auditors, audit committees, and issuers created by the COVID-19 pandemic, we asked audit committee chairs how they are thinking about the effect of COVID-19 on financial reporting and the audit as they perform their oversight duties.
Today, in an effort to provide transparency into that process and as part of the reporting out of what we heard, PCAOB staff released a new resource for audit committees, Conversations with Audit Committee Chairs: COVID-19 and the Audit.