PCAOB
Financial Dictionary — Auditing & Regulation
Definition
Public Accounting Oversight Board (PCAOB) – A private sector, non-profit corporation charged with overseeing the auditors of public companies
Use cases, Example & Why it matters
Use cases
- Used in audit planning to understand risks and design procedures.
- Used during testing (controls/substantive) and documentation of audit evidence and conclusions.
- Used during testing (controls/substantive) and documentation of audit evidence and conclusions.
Example
- Example: The auditor references **PCAOB** when designing procedures and documenting conclusions in the audit file.
Why it matters
- Why it matters: Supports high-quality, defensible audit conclusions and helps detect material misstatements and control weaknesses.