Review the PCAOBs Five-Year Strategic Plan (the PCAOB-approved 20182022 strategic plan). This strategic plan details five core goals along with supporting objectives to improve the quality, reliability, and transparency of auditing and financial reporting.

• Select one specific objective outlined in the strategic plan. In your own words, describe the purpose and goals associated with this objective.
• Explain how the elements of the PCAOBs strategic plan will impact your role as an accounting or auditing practitioner.Based on the input we received and our own analysis, we have identified the following four primary strategic priorities for 2018-2022: Effective Oversight. We will drive continuous improvement in the quality of audit services and more clearly communicate our assessment of the quality we observe. Innovation. We will be more innovative in our oversight activitiesparticularly with respect to our approach to inspections and standard settingand at the same time prepare for significant market-driven changes in the audit profession. Improved Engagement. We will engage more often and more directly with a broader array of investors, as well as with audit committees, preparers, and our other stakeholders to promote robust and timely dialogue regarding the quality of audit services. Process and Culture Optimization. We will optimize our operations and enhance the culture of our organization