2025 marked a year of transition at the Public Company Accounting Oversight Board (the “PCAOB” or the “Board”), with a newly constituted Board, a new Chair, and a decline in enforcement actions compared to 2024. Amidst these changes, the PCAOB continued its long‑standing annual conversations between its Division of Registration and Inspections and audit committee chairs (a link to the full report summarizing these conversations is available here).