backThe PCAOB released its 2024 Annual Report on April 1, 2025. The Report provides updates on the PCAOB’s operations and financial results for fiscal year 2024. Specifically, the Report discusses the Board’s four strategic goals: modernizing standards, enhancing inspections, strengthening enforcement, and prioritizing organizational effectiveness. The Report notes that in 2024, the Board saw improvements in the overall expected aggregate Part I.A deficiency rates. With respect to modernizing standards, the Board highlights, among other changes, that it adopted a new quality control standard, a new standard on general responsibilities of the auditor, amendments to two PCAOB auditing standards addressing aspects of audit procedures that involve technology-assisted analysis of information, and amendments to the PCAOB rule governing the liability of an associated person of a registered public accounting firm who contributes to that firm’s violations. In terms of enforcement activity, the Board entered 51 settled disciplinary orders in 2024. It also imposed a $25 million fine against a firm—the largest in PCAOB history. Finally, the Board emphasizes its efforts to foster academic engagement in the PCAOB’s mission including through academic conferences, providing investor bulletins, and connecting with audit committees. The Report also includes the Board’s financial statements.
The Annual Report is available here.