Audit Regulator Could Be in Leadership Limbo for Months

Talking Tax

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3y ago 18:29

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The U.S. audit regulator is slated to get fresh leadership after a turbulent few years that culminated in the removal of its chairman last month.

But it could take months for a new slate of leaders to be selected and installed as members of the Public Company Accounting Oversight Board. The board faces a challenge in improving the morale of the PCAOB’s 800-person staff after a report released last month detailed leadership failures that cultivated a culture of fear and mistrust.

Among other issues, the incoming board will have to address a 2020 law related to its oversight of auditors in China and international rules that lay out how firms should police their compliance with ethics and audit requirements.

Lynn Turner, former SEC chief accountant, was among those who called for leadership changes at the board. Turner and Daniel Goelzer, a founding PCAOB member, spoke with Talking Tax host Amanda Iacone about what's next for the small regulator and what new board members should do to restore trust. Listen to the episode here.

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