General Responsibilities of the Auditor in Conducting an Audit (AS 1000)

What Was Changed

The new standard adopted by the Board, AS 1000, General Responsibilities of the Auditor in Conducting an Audit, replaced four standards that set forth the general principles and responsibilities of the auditor: AS 1001, Responsibilities and Functions of the Independent Auditor; AS 1005, Independence; AS 1010, Training and Proficiency of the Independent Auditor; and AS 1015, Due Professional Care in the Performance of Work.

AS 1000 modernizes, clarifies, and streamlines the general principles and responsibilities of auditors and provides a more logical presentation by consolidating a group of standards that are fundamental to the conduct of an audit into one standard.

The related amendments also clarify other PCAOB standards that are fundamental to the conduct of an audit, including clarifying the auditor’s responsibility to evaluate whether the financial statements are "presented fairly," clarifying the engagement partner’s due professional care responsibilities, and accelerating the date to assemble a complete and final set of audit documentation to 14 days.

Additional information on the new auditing standard: 

• SEC Release No. 34-100773
• Adopting Release: PCAOB Release No. 2024-004 
  
• Marked Text Illustration of Amendments to PCAOB Standards 
• Project History: General Responsibilities of the Auditor in Conducting an Audit (AS 1000) 

Why Did the PCAOB Adopt This Standard?

Since the PCAOB’s adoption of the interim standards in 2003, the auditing environment has evolved in many ways, including new PCAOB standards, new or revised independence requirements, and advancements in technology that have increased the availability of electronic audit tools and use of audit software.

AS 1000 and the related amendments reflect changes in the auditing environment, eliminate outdated and inconsistent language, and achieve consistency with Board-issued standards. AS 1000 and the related amendments modernize, clarify, and streamline the general principles and responsibilities of the auditor, which should enhance the useability of the standards by making them easier to read, understand, and apply. 

What Are the Effective Dates?

AS 1000 and related amendments are effective for audits of financial statements for fiscal years beginning on or after, December 15, 2024, except for the 14-day documentation completion date requirement (AS 1215.15).

The 14-day documentation completion date requirement is effective as follows:

• For public accounting firms that, during the calendar year ending December 31, 2024, issued audit reports with respect to more than 100 issuers, the 14-day documentation completion requirement is effective for audits of financial statements for fiscal years beginning on or after December 15, 2024; and
• For all other registered public accounting firms, the 14-day documentation completion requirement is effective for audits of financial statements for fiscal years beginning on or after December 15, 2025.
• For quarterly reviews conducted pursuant to the standards of the PCAOB, the effective date for the 14-day documentation completion date requirement will begin with the first quarter ending after the first financial statement audits covered by this requirement (e.g., for quarterly reviews of calendar year reporting companies by firms that issued audit reports with respect to more than 100 issuers, the first quarter of 2026).

Knowledge Check

The series of questions in the link below are designed to check your understanding of important aspects of the new standard and related amendments. The results of this knowledge check are anonymous and the PCAOB staff does not intend to make them public or to use them in the PCAOB's oversight activities. 

AS 1000 Knowledge Check