Chair Williams Statement on SEC Approval of New PCAOB Standard for the Auditor’s Use of Confirmation

Public Company Accounting Oversight Board (PCAOB) Chair Erica Y. Williams issued the following statement following the U.S. Securities and Exchange Commission’s (SEC) approval of the new standard strengthening and modernizing the requirements for the auditor’s use of confirmation.  

“We thank our SEC colleagues for their review and approval of the PCAOB’s new standard on the auditor’s use of confirmation. This new standard will help protect investors, as audit procedures that involve the use of confirmation are part of nearly every audit, and confirmation can be a vital tool to help auditors detect fraud,” said Williams. “The new standard, which replaces a standard that had not been significantly updated in twenty years, is also a big step forward as the Board continues to execute its strategic goal of modernizing PCAOB standards.”