ThinkTWENTY20

April 1, 2020, Washington – The Public Company Accounting Oversight Board’s 2019 annual report reports on the five key strategic initiatives pursued by the board during the past year, as well as summarizes operations and financial results from fiscal 2019. According to PCAPB Chair William D. Duhnke III, “Following the extensive strategic planning, outreach, and organizational assessment we conducted in 2018, we focused much of 2019 on advancing the changes necessary to support these goals and moving the PCAOB along the organizational maturity curve.”

As Duhnke writes in the introduction to the report, the PCAOB took substantial steps in 2019 toward implementing its vision to transform the organization into a trusted leader that promotes high quality auditing through forward-looking, responsive and innovative oversight. “Specifically, we (1) made changes to improve the effectiveness of our oversight activities, (2) expanded our stakeholder outreach and improved our communications, (3) made a number of additions and enhancements to our operations, and (4) took steps towards optimizing our culture.”   

Duhnke adds that, “When we adopted our strategic plan in 2018 based on extensive external and internal feedback, we understood it would take several years to accomplish our goals. That remains true today, which is why the board collectively reaffirmed its commitment to our five-year strategic vision, values and goals in 2019. We are encouraged by the positive feedback we are receiving from our stakeholders on our strategic direction and the advancements made to date, particularly as it relates to the usefulness of our information and the enhanced engagement by the board and staff. We have made significant progress, and we remain committed to continuing that progress during 2020.”

The report can be accessed at: https://pcaobus.org/About/Administration/Documents/Annual%20Reports/2019-PCAOB-Annual-Report.pdf.