The Public Company Accounting Oversight Board turned five on Friday. But instead of a big celebration, the audit company regulator is facing a lawsuit that threatens its existence. But that doesn't mean the PCAOB has stopped functioning, or that it doesn't plan for the future.

In early April, the PCAOB released a strategic plan for its next five years, according to Accounting SmartPros. In addition to setting out the expected budget, and the number of employees the organization expects to have by year's end, the plan also indicates that the board wants to reduce the time it takes to issue its inspection reports and increase the number of non-U.S. audits it performs each year.

Moreover, the plan also outlines the PCAOB's strategy with regard to the convergence of U.S. Generally Acceptable Accounting Principles and the International Financial Reporting Standards, as well as the proposed implementation of XBRL as a reporting option. The strategies include additional resources for training staffers regarding IFRS and familarizing itself with and establishing audit requirements for XBRL reporting.