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PCAOB speech on achieving high quality audits

  • Speech — Deloitte green Image

Oct 15, 2013

On October 13, 2013, at the NACD Board Leadership Conference in National Harbor, Maryland, PCAOB member Jeanette Franzel gave a speech on the role audit committees and the PCAOB have in achieving reliable audits to promote investor protection and integrity in securities markets.

Ms. Franzel began by providing various strategies the PCAOB has taken to support the audit committee community. The strategies outlined were to:

    1. Enhance its outreach and interaction.
    2. Support corporate governance in audit oversight.
    3. Provide information about inspections, standard setting, and other initiatives.
    4. Review feedback received by audit teams.

In addition, Ms. Franzel discussed several PCAOB standard-setting efforts and initiatives. She described the proposals made to the auditor’s reporting model and explained the PCAOB’s ongoing work concerning auditor independence, audit firm rotation, and professional skepticism. Next, Ms. Franzel explained how PCAOB inspection results should be used and interpreted by audit committees. Lastly, she commented on a fundamental concern of audit committees — the quality of the audit. The PCAOB has started a project to identify audit quality indicators in the audit process and results, and create a process to objectively measure those indicators.

The full text of the speech is available on the PCAOB's Web site.

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