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Objective
Evaluate the interim attestation standards, as adopted upon the establishment of the Board, for the purpose of developing any potential recommendation to amend, consolidate or eliminate certain standards, as appropriate.
Background
Upon its formation in April 2003, the Board adopted, on an interim basis, the attestation standards of the American Institute of Certified Public Accountants (collectively, the interim attestation standards). The interim attestation standards (“attestation standards”) include:
- AT Section 101, Attest Engagements;
- AT Section 201, Agreed-Upon Procedures Engagements;
- AT Section 301, Financial Forecasts and Projections;
- AT Section 401, Reporting on Pro Forma Financial Information;
- AT Section 601, Compliance Attestation; and
- AT Section 701, Management's Discussion and Analysis.
- AT Section 9101, Attest Engagements: Attest Engagements Interpretations of Section 101
Since adoption of the attestation standards, the audit and assurance environment has evolved, including changes resulting from the Board’s improvements to auditing standard requirements related to risk assessment, documentation, use of specialists, engagement quality review, and reporting. The attestation standards have not been revised in similar ways to improve their requirements. The Board has instructed the staff to evaluate the attestation standards to determine whether they remain fit for use in fulfilling our mandate of investor protection.
While many of the concepts in the attestation standards remain sound, updates to the form, organization, and language may be necessary to conform the requirements to PCAOB-issued standards, including taking into account relevant provisions from PCAOB auditing standards where applicable. In addition, some attestation standards may no longer be necessary to retain, for example, if concepts in the standard could be combined into another attestation standard.
Staff considerations include: analysis of each standard, taking into account the Board’s existing standards, outreach with stakeholders, current practices in applying the standards, and the requirements of other standard setters and regulators.
Status
The staff is obtaining and analyzing information to develop potential recommendations to amend, consolidate or eliminate certain attestation standards.
On September 26, 2022, the staff issued a request for information and public comment on the application and use of the Board’s attestation standards. Comments were due October 26, 2022.
