ICI and IDC Supplemental PCAOB NOCLAR Comment Letter

On March 18, 2024, the Investment Company Institute and Independent Directors Council filed a joint supplemental comment letter on the Public Company Accounting Oversight Board's (PCAOB) proposed amendments to the auditing standards related to a company's noncompliance with laws and regulations (NOCLAR).

Since the filing of our August 2023 comment letter, the PCAOB staff published a briefing paper and hosted a public virtual roundtable to obtain additional insights from commenters, stakeholders, and experts as they work toward a final recommendation to the Board. In addition, IDC and ICI staff, and independent directors from a variety of fund complexes met with Board Members of the PCAOB and their counsel and advisers.

Read more in the comment letter.