With an unprecedented level of change in recent years, the PCAOB has become a standard setter to watch – not just for audit firms but for companies. The episode brings the latest in PCAOB standard setting developments, including what they mean for preparers. Our guest is Brian Croteau, PwC’s US Chief Auditor, who leads our team that follows all things PCAOB.

In this episode, we discuss:

• 3:35 – The current landscape at the PCAOB
• 10:07 – Overview of the PCAOB’s standard setting process
• 15:14 – Newly adopted PCAOB standards related to: 
  • 15:44 – Other auditors
  • 16:26 – Confirmations
  • 18:50 – General responsibilities of the auditor in conducting an audit (AS 1000)
  • 19:54 – Technology-assisted analysis of information in electronic form
  • 28:53 – Quality control
• 35:12 – Non-compliance with laws and regulations (NOCLAR)
• 39:17 – Other recent PCAOB proposals
• 45:49 – What's on the horizon for PCAOB standard setting 

For more information on these topics see our publications:
SEC approves PCAOB foundational and quality control standards
PCAOB advances rulemaking related to technology
PCAOB proposes additional reporting by auditors
PCAOB solicits additional feedback on its noncompliance proposal

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Brian Croteau is the US Chief Auditor, Auditing Services Leader. He oversees the establishment and maintenance of PwC’s audit policies and practices, leads efforts to directly support PwC’s audit quality objectives, and plays a key role in the monitoring and assessment of audit quality. He also leads the firm’s efforts related to its relationship with the PCAOB, including supporting all aspects of the PCAOB’s inspection process. Brian currently serves as a member of the PCAOB’s Standards and Emerging Issues Advisory Group (SEIAG) and the SEIAG’s Emerging Issues in Auditing subcommittee. Prior to rejoining PwC in 2017, he served for over six years as the Deputy Chief Accountant of the Professional Practice Group within the Office of the Chief Accountant (OCA) at the SEC. In his work at the SEC, Brian played a key role in the SEC’s oversight of the activities of the PCAOB, managed the resolution of auditor independence issues and ethical matters, and monitored audit and independence standard setting internationally.

Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected]. 

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