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According to PCAOB Chair William Duhnke's remarks at the ALI's Accountants' Liability Conference, more audit committee engagement is just one of a number of seemingly-positive changes planned as a result of the PCAOB's recent, novel strategic planning process (reported on here), that will generally evolve the PCAOB's historical focus on audit deficiency detection & remediation to also encompass prevention in its aim to promote continuous audit quality improvement. His remarks explained how the PCAOB's shift toward a prevention-based regulatory approach will effect changes in its emphasis, priorities and processes associated with its inspection, enforcement and standard-setting functions, which should become much more apparent to audit firms, audit committees, regulated companies and other stakeholders beginning next year.

Notably in conjunction with his comments on the PCAOB's new Auditor Reporting Model (reported on here and thereafter), and on the controversial issue of critical audit matters (CAMs) specifically, Duhnke stated:

Once the initial implementation of critical audit matters begins in June 2019, we plan to assess experiences and results, and determine whether we need to take further action—including whether to issue guidance or amend the standard. As part of this assessment, the staff plans to engage with auditors, investors, financial statement preparers, and audit committee members, through requests for comment, interviews, surveys, and other outreach to learn about their experiences.

After a reasonable period of time following completion of implementation in December 2020, we will conduct a post-implementation review to analyze the effectiveness of the new requirements. As part of that exercise, the staff will reevaluate the costs and benefits of the standard, including any unintended consequences, to understand the overall impact on the audit profession, public companies, and users of financial statements. To the extent that review suggests changes should be made, we will consider such changes at that time.

Relatedly, among the agenda items for the PCAOB's next Investor Advisory Group meeting on November 8th are a discussion of the new strategic plan, and member experiences and understanding of the Auditor Reporting Model.