PCAOB Issues a Proposal for the Reorganization of Auditing Standards
The Public Company Accounting Oversight Board today issued for public comment a proposal for the reorganization of PCAOB auditing standards, as well as certain related amendments to its rules and standards.
The proposal provides a potential framework for reorganizing the Board's existing interim and PCAOB-issued auditing standards into a topical structure with a single integrated numbering system. The proposed reorganization is intended to present the standards in a logical order that generally follows the flow of the audit process.
"This proposed reorganization is intended to help users navigate the standards more easily," said PCAOB Chairman James R. Doty. "It is just the first step. The PCAOB also intends to explore additional steps and undertake additional projects to enhance the organizational structure of PCAOB standards."
Among the proposed changes, all PCAOB auditing standards would be grouped into 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 proposed framework will benefit users of PCAOB standards by creating a logical and easy to understand structure and numbering system," said Martin F. Baumann, Chief Auditor and Director of Professional Standards. "Also, no substantive changes will be made or new audit requirements added to PCAOB standards by the implementing amendments."
Comments on the proposal are due by May 28, 2013.