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March 27, 2013

PCAOB issues proposal to reorganise auditing standards

The US Public Company Accounting Oversight Board (PCAOB) has issued for public comment a proposal for the reorganisation of PCAOB auditing standards, as well as certain related amendments to its rules and standards.

The proposal provides a potential framework for reorganising the PCAOB’s existing interim and issued auditing standards into a topical structure with a single integrated numbering system.

Under these changes, auditing standards would be put into one of the following categories: general auditing standards, audit procedures, auditor reporting, matters relating to filings under federal securities laws, and other matters associated with audits.

The intention of the proposed reorganisation is to present the standards in a more logical fashion, in order to make the navigation of the over 2,000 pages of auditing standards more natural.

James Doty, PCAOB chairman said the proposed changes were intended to make navigation of the standards easier, and that they were just the first step, adding "the PCAOB also intends to explore additional steps and undertake additional projects to enhance the organisational structure of PCAOB standards."

Martin Baumann, chief auditor and director of professional standards said "no substantive changes will be made or new audit requirements added to PCAOB standards by the implementing amendments." The proposals are open for comment until May 28.

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PCAOB

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