Noncompliance with laws and regulations – CFEs’ elevated audit role under proposed PCAOB rules

Fraud risk was a top priority in 2023 for the Public Company Accounting Oversight Board (PCAOB), the independent regulatory body established by U.S. Congress to oversee audits of public companies and broker-dealers. The PCAOB is close to ratifying new amendments this summer or fall related to noncompliance with laws and regulations (NOCLAR) that could make legal and investigative professionals, especially Certified Fraud Examiners (CFEs), a critical part of the audit team.

The proposed PCAOB changes