The US Securities and Exchange Commission (SEC) has named a new leadership line-up for the Public Company Accounting Oversight Board (PCAOB), the body that supervises audits of listed companies and broker-dealers. Demetrios Logothetis has been selected to chair the PCAOB. His term is scheduled to run until 24 October 2030. Logothetis serves on the board of the Republic Bank of Chicago, where he leads the audit committee. Alongside the new chair, three additional members have been appointed: Mark Calabr ...

Core Insights - CPA Australia supports the ANAO's performance audit of ASIC's regulation of registered company auditors, which found ASIC's oversight to be "partly effective" [1][2] - The audit highlights the need for clearer performance indicators to enhance transparency and accountability in audit regulation [1][3] Group 1: Key Areas for Improvement - The ANAO report identifies several areas for improvement, including performance measurement, remediation processes, enforcement priorities, stakeholder engagement, and ministerial expectations [3][5] - CPA Australia recommends a tiered classification system for surveillance reporting to improve clarity and support meaningful improvements in audit quality [4] Group 2: Remediation and Enforcement - Enhancing remediation processes is crucial for timely and effective addressing of identified deficiencies, and CPA Australia welcomes ASIC's commitment to strengthen this aspect [5] - The ANAO report notes that ASIC's enforcement actions have primarily focused on administrative breaches rather than directly addressing audit quality issues [5] Group 3: Stakeholder Engagement - Ongoing dialogue is encouraged to align enforcement activities more closely with audit quality objectives [6] - The ANAO emphasizes the importance of enhancing transparency and collaboration with the auditing profession to achieve common goals [6]