At the Public Company Accounting Oversight Board’s open meeting last week, board members said outreach to all stakeholders over the past year indicated that transformational change was needed, but they also affirmed that their 5-year strategic plan is still relevant and their 2020 budget supports their continued commitment to making the necessary changes.

Maria L. Murphy, CPA, is a regular contributor to Compliance Week. She is a senior content management analyst, accounting and auditing products, CCH tax and accounting North America for Wolters Kluwer....