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Financial Reporting and Regulatory Update

First Quarter 2021

From the PCAOB

Conversations with audit committee chairs

As part of the PCAOB’s strategic goal of enhancing transparency and accessibility through proactive stakeholder engagement, the PCAOB released, on Feb. 1, 2021, “2020 Conversations With Audit Committee Chairs,” which summarizes feedback received from outreach conducted during 2020. This report provides a summary of perspectives from approximately 300 audit committee chairs at U.S. public companies whose audits the PCAOB inspected. The report focuses on three topics: the auditor and communications with the audit committee, new auditing and accounting standards, and emerging technologies. For each topic area, the PCAOB has provided a list of what is working well as identified by the audit committee chairs.