According to Reuters, the Public Company Accounting Oversight Board (PCAOB) plans to ask for public feedback on its standard-setting agenda for the first time. This move shows a new focus on transparency and involving stakeholders, led by Chairman Demetrios Logothetis.  

At the May 6 meeting of the Standards and Emerging Issues Advisory Group in Washington, Logothetis said the PCAOB will release a public consultation document in June with its updated strategic goals. The consultation will ask stakeholders which projects the board should focus on and how the PCAOB can improve its overall standard-setting process.  

“This consultation seeks input on more than just priorities for standard-setting projects,” Logothetis said. “It will seek recommendations to improve the overall standard-setting process, including how to effectively collaborate with and engage international standard-setters.” 

This is a significant change for the PCAOB, which has not usually asked for public input on its agenda before setting its standard-setting priorities. This approach is similar to what the Financial Accounting Standards Board does, as it regularly asks for feedback on accounting guidance that may need updates as markets, technology, and business practices change. 

The PCAOB also updated its standard-setting and research agenda on May 5. This year, it expects to move forward with a supplemental request for comment on Quality Control Standard 1000 and a proposal for a permanent broker-dealer audit inspection program. 

The board is also looking at how new technologies and data tools are changing audit practices. As more firms use AI-driven technologies, this could lead to new rules or guidance in the future.