The staff of the Public Company Accounting Oversight Board (PCAOB) have announced their revised standard-setting, research, and rulemaking agendas, following record action in 2023.
- In 2023, the board has taken more formal actions on standard setting and rulemaking than any year in the last 10 years, issuing four proposals – with one more expected to be considered before year’s end – and adopting a final confirmation standard and related amendments that had previously been stalled since 2010.
- By the end of 2023, it is anticipated the board will have considered five proposals – more than any single year in PCAOB history since the first set of standards and rules were proposed in 2003.
- Over the past two years, the board has issued six proposals – with one more expected later this year – and adopted two standards and related amendments.
The standard-setting, research, and rulemaking projects can be found on the Standard-Setting, Research, and Rulemaking Projects page.
“Our commitment to modernising our standards and rules remains stronger than ever as we continue working to get these agendas done and done right for investors.”
Standard-Setting Project Updates
Of the 10 standard-setting projects on the short-term agenda:
- Two have been adopted, including: Other Auditors and Confirmation, which had previously been stalled since 2010.
- Four have been proposed with adoption expected in 2024, including: Quality Control, Noncompliance with Laws and Regulations, General Responsibilities of the Auditor in Conducting an Audit (AS 1000), and Amendments Related to Aspects of Designing and Performing Audit Procedures that Involve Technology-Assisted Analysis of Information in Electronic Form.
- Four proposals are expected in 2024, including: Attestation, Going Concern, Firm and Engagement Performance Metrics, and Substantive Analytical Procedures.
- PCAOB staff added a project on Inventory to the mid-term agenda.
Research Project Updates
- PCAOB staff added Communication of Critical Audit Matters (CAMs) to the research agenda, following input from the Investor Advisory Group.
Rulemaking Project Updates
Of the four rulemaking projects added to the agenda in May of this year:
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- One has been proposed: Contributory Liability.
- One is expected to be proposed before the end of 2023: Follow-on Disciplinary Proceedings.
- Two are expected to be proposed in 2024: Firm Reporting & Transparency, and Registration.