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Financial Reporting and Regulatory Update

First Quarter 2020

From the PCAOB

Addressing the coronavirus

The PCAOB posted on March 18, 2019, an update on its operations in light of the coronavirus (COVID-19). The release describes the activities of the PCAOB and the current impact that the coronavirus is having on operations. Among other actions and impacts, the PCAOB highlighted the following:

  • Domestic firm inspections will be conducted remotely to the maximum extent possible.
  • Enforcement and investigative efforts are continuing to the maximum extent possible.
  • Comments submitted within a reasonable timeframe will still be accepted on the quality controls standards concept release.
  • Registration activities will continue.
  • The board will continue to meet virtually and vote on pending items.
  • In-person events, roundtables, meetings, and visits are cancelled, but online webinars and/or other virtual meetings will still take place.
  • Coordination efforts with the SEC and other regulators and governmental entities will continue.

In the press release, the PCAOB said, “As we navigate these uncharted waters, we remain operational and focused on our mandate to protect investors and the public interest by promoting informative, accurate, and independent audit reports. We will, however, adjust our regulatory and operational activities as necessary. While the COVID-19 situation continues to present a unique set of challenges, we are grateful to our staff for their flexibility and dedication as we continue to carry out our core oversight functions and other important work to support the PCAOB’s mission, vision, and values.”

 

Staffing updates

On Jan. 31, 2020, the PCAOB announced that after eight years of service with the PCAOB, Chief of Staff Francis “Abe” Dymond would leave the PCAOB in March 2020. Dymond became chief of staff in January 2018, a role that includes advising the board on all matters that come before the PCAOB, working directly with board members and staff, and assisting Chairman William Duhnke in his management and administration of the PCAOB.