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Published 1 (2020-03-16)

handle is hein.gao/gaobaeaur0001 and id is 1 raw text is: G A U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 March 16, 2020 Office of the Secretary Public Company Accounting Oversight Board 1666 K Street, NW Washington, D.C. 20006-2803 PCAOB Release No. 2019-003, Concept Release: Potential Approach to Revisions to PCA OB Quality Control Standards (December 17, 2019) This letter provides GAO's comments on the Public Company Accounting Oversight Board's (PCAOB) concept release regarding revising the PCAOB's quality control standards. GAO promulgates generally accepted government auditing standards, which provide professional standards for auditors of government entities in the United States. We support the PCAOB's efforts to improve its quality control standards and the concept release's approach of using the International Auditing and Assurance Standards Board's International Standard on Quality Management (ISQM) 1 as a basis for the PCAOB's quality standard. We understand that the PCAOB will need to make changes to ISQM 1 because of the legal and regulatory environment in which firms that use PCAOB standards operate. However, we believe that the PCAOB should not be overly prescriptive with the requirements in its future quality control standard and should focus on making the requirements as principle based as possible. We believe that the PCAOB addressing emerging issues, such as the use of network firms and cybersecurity, could improve firms' quality. Finally, we believe that identified changes would significantly improve the PCAOB's standards. The PCAOB seeks comment on 58 specific questions. Our responses to the questions follow in the enclosure to this letter. Thank you for the opportunity to comment. If you have questions about this letter or wish to discuss any of our responses, please feel free to contact me at (202) 512-3133 or dalkinj@gao.gov. James R. Dalkin Director Financial Management and Assurance Enclosure Page 1

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