PCAOB Updates Its Standard-Setting, Research, and Rulemaking Agendas to Reflect 2024 Progress

The staff of the Public Company Accounting Oversight Board (PCAOB) today posted updates to its standard-setting, research, and rulemaking agendas. The updates reflect the PCAOB’s recent progress and continued drive toward its strategic goal of modernizing the PCAOB’s standards and rules. Since 2022, the Board has completed four standard-setting projects and issued proposals on six additional standard-setting and rulemaking projects.

Two Projects Completed

The following projects have been approved by the Board and are complete pending SEC approval: Quality Control and General Responsibilities of the Auditor in Conducting an Audit (AS 1000).

Two Projects Added to Short-Term Standard-Setting Agenda

Two new projects have been added to the short-term standard-setting agenda: Inventory, which was moved from the mid-term standard-setting agenda, and Other Reporting, which is a new project on the short-term agenda.

One Project Added to Mid-Term Agenda

The following new project has been added to the mid-term standard-setting agenda: Internal Audit.

One Project Timeline Updated

The anticipated timeline for action for the Attestation Standards Update project timeline is now 2025.

One Project Removed

The project on Follow-On Disciplinary Proceedings has been removed from the PCAOB’s rulemaking agenda.

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About the PCAOB

The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The PCAOB also oversees the audits of brokers and dealers registered with the Securities and Exchange Commission, including compliance reports filed pursuant to federal securities laws.