Board Adopts First Auditing Standard, Technical Amendments

The Public Company Accounting Oversight Board voted unanimously at an open meeting recently to adopt its first auditing standard and technical amendments to its interim standards rules.

The Board adopted Auditing Standard No. 1, References in Auditors' Reports to the Standards of the Public Company Accounting Oversight Board, which requires that auditors' reports on engagements conducted in accordance with the Board's standards include a reference that the engagement was performed in accordance with the standards of the PCAOB. This replaces previously required references to generally accepted auditing standards. The Board proposed the standard on Nov. 12, 2003.

The Board also voted to adopt technical amendments to its rules on interim standards. Those rules referred to existing professional standards of auditing, attestation, quality control, ethics and independence. The amendments add the phrase "to the extent not superseded or amended by the Board" to each of the rules on interim standards.

The rules adopted today will not take effect unless approved by the Securities and Exchange Commission pursuant to Section 107 of the Sarbanes-Oxley Act. Background information on the rules will be available at http://www.pcaobus.org under Rulemaking.

You may like these other stories...

Public Company Accounting Oversight Board (PCAOB) inspectors are finding “significant audit deficiencies” in the area of revenue, the US audit watchdog stated in a staff audit practice alert issued on Tuesday.The...
The Public Company Accounting Oversight Board (PCAOB) is interested in what you have to say about auditing accounting estimates and fair value measurements.The US audit regulator on Tuesday issued for public comment a staff...
While audits of broker-dealers showed some improvement last year compared to previous years, 71 of 90 broker-dealer audits inspected by the Public Company Accounting Oversight Board (PCAOB) in 2013 were still found to have...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.