The Public Company Accounting Oversight Board is a non-profit corporation responsible for oversight of audits of public companies. It conducts inspection, enforcement, and standard-setting activities. The PCAOB was created by the Sarbanes-Oxley Act (Public Law 107-204) with the goal of protecting the interests of investors and furthering the public interest in the preparation of informative, accurate, and independent audit reports. It is governed by five board members appointed by the Securities and Exchange Commission (SEC). The PCAOB carries out its responsibilities through a staff of approximately 800 in its headquarters and regional offices.
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The PCAOB contracted with the Academy to support the development of its updated strategic plan and correlating performance planning activities. During the development of the strategic plan the Academy performed a series of interviews with key stakeholders, conducted two widely-disseminated surveys, and facilitated several planning and visioning sessions with Board leadership.
The final PCAOB Strategic Plan for 2018-2022 can be viewed here. The Plan has five core values, a new vision, and five strategic goals, charting a course for the future of public company auditing oversight and standard-setting.
The Academy team also helped the PCAOB in developing their performance planning activities, integrated with the Strategic Plan, to measure and focus the organization on quantifiable performance goals. The development of the PCAOB performance plan included three rounds of facilitated workshop sessions with division and office leadership to refine performance goals, indicators, and targets.
The Academy’s work was led by a professional study team with oversight from an Expert Advisory Group of 3 Academy Fellows.