PCAOB Considering Two Auditing Standards | AccountingWEB

PCAOB Considering Two Auditing Standards

The Public Company Accounting Oversight Board has scheduled an open meeting for 10 a.m. Wednesday, November, 12, in the Potomac Room at the St. Regis Hotel, 923 16th St., N.W., in Washington, DC. The Board is scheduled to consider whether to propose and seek comment on:

  • A new auditing standard, and an amendment to an interim auditing standard, relating to audit documentation. This proposal would establish general requirements for documentation the auditor should prepare and retain in connection with any engagement conducted in accordance with auditing and related professional practice standards. The proposal would also establish specific documentation requirements when a principal auditor relies on the work of other auditors.

  • A new auditing standard to require registered public accounting firms to make reference in their audit reports to the standards of the Public Company Accounting Oversight Board. This change would reflect that auditors must now follow PCAOB standards in auditing public companies as required by the Sarbanes-Oxley Act of 2002.

  • The Board will also consider proposing technical amendments to its rules relating to its interim standards.

The meeting is open to the public and will be webcast at http://www.pcaobus.org

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.