Current and Recent Standard-Setting Activities

The following tables present current and recent standard-setting activities. Project overviews for active projects as of December 31, 2017, can be found in the Standard-Setting Update.

Open for Public Comment

Project Reference Comments Due
There are no standard-related projects open for public comment.

Comment Period Closed

Project Reference
Proposed Amendments to Auditing Standards for Auditor's Use of the Work of Specialists Docket No. 44 
Proposed Auditing Standard for Auditing Accounting Estimates, Including Fair Value Measurements Docket No. 43
Proposed Amendments Relating to the Supervision of Audits Involving Other Auditors and Proposed Auditing Standard — Dividing Responsibility for the Audit with Another Accounting Firm Docket No. 42 
Proposed Auditing Standard Related to Confirmation and Related Amendments to PCAOB Standards Docket No. 28

Standards Adopted Within the Last Three Years

Title Docket No. Date Adopted by PCAOB/ Approved by SEC Effective Date
The Auditor's Report on an Audit of Financial Statements when the Auditor Expresses an Unqualified Opinion and Related Amendments to PCAOB Standards  No. 34  June 1, 2017/
Oct. 23, 2017

Effective for audits of fiscal years ending on or after:

  • All paragraphs except the paragraphs in the Critical Audit Matters' Section: Dec. 15, 2017
  • All paragraphs in the Critical Audit Matters' Section:
    • For audits of large accelerated filers: June 30, 2019
    • For audits of all other companies to which the requirements apply: Dec. 15, 2020
Improving Transparency Through Disclosure of Engagement Partner and Certain Other Participants in Audits
No. 29

Dec. 15, 2015/
May 9, 2016

Effective for audit reports issued on or after: 

  • Engagement partner: Jan. 31, 2017
  • Other accounting firms: June 30, 2017
Reorganization of PCAOB Auditing Standards and Related Amendments to PCAOB Auditing Standards and Rules  No. 40

Mar. 31, 2015/
Sept. 17, 2015

Dec. 31, 2016. Auditors may begin to use and reference the reorganized PCAOB auditing standards prior to Dec. 31, 2016.

Guidance Issued Within the Last Three Years

Title Reference Date Issued
Staff Guidance – Changes to the Auditor's Report Effective for Audits of Fiscal Years Ending on or After December 15, 2017  N/A Dec. 28, 2017 
Matters Related to Auditing Revenue from Contracts with Customers  SAPA No. 15  Oct. 5, 2017 
Staff Guidance – Form AP, Auditor Reporting of Certain Audit Participants and Related Voluntary Audit Report Disclosure Under AS 3101, Reports on Audited Financial Statements N/A  Feb. 16, 2017 
Improper Alteration of Audit Documentation SAPA No. 14  Apr. 21, 2016