PCAOB shares agenda for rulemaking, research

The PCAOB on Wednesday shared an updated agenda for standard setting, research, and rulemaking projects.

About three months after soliciting public feedback on where it should focus for the first time, the PCAOB’s resulting agenda includes standard-setting projects to address negative assurance related to comfort letter engagements; auditor independence; fraud; noncompliance with laws and regulations; and going concern.

The agenda also includes plans to develop a conceptual framework for standard setting; research projects on data and technology, firm and engagement performance metrics, and communications with audit committees; and a rulemaking project on a permanent broker-dealer inspection.

“Feedback from investors, auditors, academics, and other stakeholders is critical for the PCAOB to fulfill our mission. In this case, it helped inform our updated standard setting, research, and rulemaking agendas, and assisted us in refining our priorities,” PCAOB chair Demetrios Logothetis said in a news release. “Under these updated agendas, we will continue to focus our efforts on projects that are practical, responsive to today’s capital markets, and ultimately, advance audit quality and investor protection.”

SEC proposes expansion of accredited investors pathway to include CPAs

The SEC is seeking public comment on a proposal that would provide individual investors with additional ways to qualify as accredited investors, including by virtue of being a CPA or holding certain other credentials. The SEC also is considering the development of an exam by FINRA for accredited investor qualification.

According to a news release, the SEC also is proposing rule amendments that would facilitate capital formation in the public and private markets by expanding retail investor choice and promoting innovation in regulated fund structures while preserving appropriate investor protections and safeguards.

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.