PCAOB Approves Its 2020 Budget and 2019–2023 Strategic Plan

The PCAOB has approved its budget for fiscal year 2020 and strategic plan for 2019–2023.

The budget includes funding for “investments in personnel, processes, and technology, and will provide the Board with the resources necessary to continue to make progress toward implementing its strategic plan.”

The five-year strategic plan “guides the PCAOB’s programs and operations and serves as the foundation for the budget.” Specific objectives of the plan include:

• Improving “the quality of audit services through a combination of prevention, detection, deterrence, and remediation.”
• Anticipating and responding to “the changing environment, including emerging technologies and related risks and opportunities.”
• Enhancing “transparency and accessibility through proactive stakeholder engagement.”
• Pursuing “operational excellence through efficient and effective use of . . . resources, information, and technology.”

The budget is subject to approval by the SEC at its December 18, 2019, meeting.

For more information, see the press release and 2019–2023 strategic plan on the PCAOB’s Web site.