Remarks at PCAOB Investor Advisory Committee Meeting

Oct. 27, 2016
James R. Doty, Chairman
PCAOB Investor Advisory Group Meeting

I want to thank you all for being here this morning. We have seven new members today, joining twelve existing members. We welcome you all.

The PCAOB has accomplished a great deal in its short life of less than 14 years so far, including some major achievements. But they could not have been accomplished without the sustained interest and support of investors, including those here.

In addition, I would like to especially acknowledge how much it has meant to me to have the support of Chair White. Thank you for being here today, for your dedicated attention to the role of the audit in the Commission's investor protection mandate, and for your advice and encouragement over the years.

It is clear that the PCAOB's accomplishments are attributable directly to Congress's foresight in conferring on the PCAOB the responsibilities and powers set forth in the Sarbanes-Oxley Act to register, inspect, set standards for, and when necessary discipline the auditors of public companies and, since 2010, brokers and dealers.

In my view, independent oversight has changed the landscape for the better for investors and capital markets.

I firmly believe that by improving audit quality, the PCAOB has played a part in helping to avoid financial reporting failures, in turn to help our economy and capital markets be resilient and grow.

But I also believe we must continue to evolve the audit. Technology will be a big part of that evolution, but there is more. I'm glad we've got time on the agenda to discuss non-GAAP, financial disclosures outside the four corners of the financial statements.

We need to shape the audit and audit oversight to meet the needs of investors, and our discussion today and continuing relationship with all of you will help us do that.