backOn October 30, 2024, the PCAOB concluded its 16th International Institute on Audit Regulation in Washington, D.C. Established in 2007, the event is intended to allow global auditor regulators the opportunity to discuss auditor oversight, audit quality and investor protection under the theme “Raising the Bar for Audit Quality.” Panel topics included investor perspectives; the use of technology in auditing; audit firm culture; and recent developments in standards, inspections, and enforcement.
Erica Y. Williams, the Chair of the PCAOB who was recently sworn into her second term, welcomed officials and global partners with remarks. Chair Williams reemphasized the PCAOB Strategic Plan which focused on three key steps: (1) modernizing PCAOB standards; (2) enhancing inspections; and (3) strengthening enforcement. Chair Williams’ remarks highlighted the PCAOB’s focus on cooperation and communication internationally by discussing increased transparency for auditing firms. She also emphasized continuing to publish inspections reports more quickly so that investors and other stakeholders have earlier access to the appropriate data for decision making.
Chair Williams also conducted a fireside chat with Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), where they discussed regulators’ role in the market, the effect of Artificial Intelligence on the auditing world, and the importance of disclosure and transparency.