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PCAOB Releases Five-Year Plan April 3, 2008 (SmartPros) The Public Company Accounting Oversight Board wants to reduce the amount of time it takes to post inspection reports for audit firms, according to the board's five-year strategic plan. In 2009, PCAOB aims to reduce the time to issue annual inspection reports to seven months (from eight months in 2008) and triennial inspection reports to seven months (from nine months in 2008). There is no change from 2008 to 2009 in the anticipated number of annual inspections and triennial inspections, 11 and 295, respectively. However, PCAOB wants to increase the number of planned non-U.S. inspections from 72 in 2008 to 101 in 2009. Standards-setting activities projected for 2009 include a proposal on audit confirmations and a proposal on related parties. The board's SEC-approved $144.6 million budget assumes that by year-end 2008 the PCAOB will have 507 employees. A full list of the board's goals and objectives is available in the report, online at http://www.pcaobus.org/About_the_PCAOB/Strategic_Plan.pdf.
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