The Public Company Accounting Oversight Board has revised its standard-setting, rulemaking and research agendas for the year ahead after a series of unprecedented changes this past year.
The PCAOB pointed out it’s done more in terms of standard setting and rulemaking this past year than in any of the last 10 years of its existence since it was established by the Sarbanes-Oxley Act of 2002. This year, it’s already issued four proposals — with another one expected to be considered before the end of December — and adopted a final confirmation standard and related amendments that had been in limbo since 2010.
“We have made incredible progress for investors thanks to the hard work of the talented PCAOB staff, and we are just getting started,” said PCAOB chair Erica Williams in a statement Wednesday. “Our commitment to modernizing our standards and rules remains stronger than ever as we continue working to get these agendas done and done right for investors.”
Of the 10 standard-setting projects on the PCAOB’s short-term agenda, the board noted that two have already been adopted, including Other Auditors and Confirmation, which had been stalled since 2010. Four projects have been proposed and adoption of the standards is expected next year, including: Quality Control, Noncompliance with Laws and Regulations, General Responsibilities of the Auditor in Conducting an Audit (AS 1000), and Amendments Related to Aspects of Designing and Performing Audit Procedures that Involve Technology-Assisted Analysis of Information in Electronic Form.
Four more proposals are expected in 2024, including Attestation, Going Concern, Firm and Engagement Performance Metrics, and Substantive Analytical Procedures.
The PCAOB staff has also added a project on Inventory to its mid-term agenda.
PCAOB staff added Communication of Critical Audit Matters to its research agenda, following input from its Investor Advisory Group.
Of the four rulemaking projects added to the agenda this past May, one has been proposed on Contributory Liability, while another is expected to be proposed before the end of December], on Follow-on Disciplinary Proceedings. Two more are expected to be proposed next year, on Firm Reporting & Transparency, and Registration.
The standard-setting, research and rulemaking projects can be found on the PCAOB’s Standard-Setting, Research, and Rulemaking Projects page.
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