Yesterday, the PCAOB held an open meeting discussing its plans for being the most dominating force in public accounting regulation over the next few years. Within these plans is a strategory to not just be the type of regulator that points out the things that you royally fucked up, but also to be a resource for auditors because LORD KNOWS auditors need all the help they can get.
Board member Jay Hanson knows that audit firms may be skeptical of the PCAOB's usefulness, so he's hoping that by throwing some numbers together, everyone will see how just great life can be when public accounting has an engaged regulator:
“My personal goal is to have concrete data and analysis to evidence our effectiveness,” said Jay Hanson, a member of the PCAOB board, at the auditing overseer’s board meeting today. A related priority is to enhance the auditing overseer’s “processes and systems to increase the analysis and usefulness of our inspection findings.” Hanson’s plan for the PCAOB is to move toward a framework of not just finding audit deficiencies, but accumulating data about effective procedures and auditor behavior that can be used in communicating best practices.
Anyway, this kind of doubled effort means that the Board will need all hands on deck and since everyone's hands are already full, a few new sets are in order:
The PCAOB’s budget for 2013 that was presented to the Securities and Exchange Commission is $245.6 million, which allows for an additional 27 new positions. The added staff will allow the organization to support field inspection activities, in particular, and issue more timely summary public reports.