Auditing Standards

On March 31, 2015, the Public Company Accounting Oversight Board ("PCAOB") adopted amendments that reorganize its auditing standards. (See PCAOB Release No. 2015-002.) The amendments were approved by the Securities and Exchange Commission ("SEC") on September 17, 2015 and are effective as of December 31, 2016. (See SEC Release No. 34-75935, File No. PCAOB-2015-01.)  Auditors may begin to use and reference the reorganized PCAOB auditing standards prior to December 31, 2016.