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PCAOB approves its 2020 budget and 2019–2023 strategic plan

  • PCAOB (US Public Company Accounting Oversight Board) Image

Nov 20, 2019

The PCAOB has approved its budget for fiscal year 2020 and strategic plan for 2019–2023.

The budget includes funding for “investments in personnel, processes, and technology, and will provide the Board with the resources necessary to continue to make progress toward implementing its strategic plan.”

The five-year strategic plan “guides the PCAOB’s programs and operations and serves as the foundation for the budget.” Spe­cific ob­jec­tives of the plan include:

  • Im­prov­ing “the quality of audit ser­vices through a com­bi­na­tion of pre­ven­tion, de­tec­tion, de­ter­rence, and re­me­di­a­tion.”
  • An­tic­i­pat­ing and re­spond­ing to “the chang­ing en­vi­ron­ment, in­clud­ing emerg­ing tech­nolo­gies and related risks and op­por­tu­ni­ties.”
  • En­hanc­ing “trans­parency and ac­ces­si­bil­ity through proac­tive stake­holder en­gage­ment.”
  • Pur­su­ing “op­er­a­tional ex­cel­lence through ef­fi­cient and ef­fec­tive use of . . . re­sources, in­for­ma­tion, and tech­nol­ogy.”

The budget is subject to approval by the SEC at its December 18, 2019, meeting.

For more in­for­ma­tion, see the press release and 2019–2023 strate­gic plan on the PCAOB’s Web site.

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