PCAOB Consider Adopting Audit Documentation Standards, Rules for Oversight of Non-U.S. Firms

Last week the Public Company Accounting Oversight Board scheduled an open meeting for 10:00 a.m. Wednesday, June 9, in the Board’s 8th floor meeting room, 1666 K Street N.W., in Washington, DC. The Board is scheduled to consider:

Adopting an auditing standard that would establish general requirements for documentation the auditor should prepare and retain in connection with engagements conducted pursuant to the standards of the PCAOB. The Sarbanes-Oxley Act of 2002 expressly directs the Board to establish auditing standards that require registered public accounting firms to prepare and maintain, for at least seven years, audit documentation "in sufficient detail to support the conclusions reached" in the auditor's report. The standard was proposed on November 12, 2003.

Adopting a rule to set forth the terminology the Board will use to describe the degree of responsibility that the auditing and related professional practice standards impose on auditors. This rule was proposed on October 7, 2003.

Adopting rules related to the oversight of non-U.S. public accounting firms. Section 106(a) of the Act provides that any non-U.S. public accounting firm that prepares or furnishes an audit report with respect to any U.S. public company is subject to the Act and rules of the Board. The rules set out a framework under which, with respect to non-U.S. firms, the Board could implement the Act's provisions by relying, to an appropriate degree, on a non-U.S. system. The rules were proposed on December 9, 2003.
The Board received and considered comments on the proposed standards and rules. The comments can be viewed under Rulemaking on the Board’s Web site at www.pcaobus.org.

The meeting is open to the public and will be webcast on the Board’s Web site.

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.