The Public Company Accounting Oversight Board staff today posted updated standard-setting and rulemaking agendas.
The updated short-term agenda includes adopting amendments relating to firm and engagement metrics in 2024, proposing a new going concern standard in 2025 and adopting a new substantive analytical procedures standard in 2025. Additionally, the project formerly known as “other reporting” was renamed “auditor reporting in specified circumstances.”
A new project known as “subsequent events and other matters arising after the date of the auditor’s report” was added to the mid-term agenda. Finally, the updated rulemaking agenda includes adopting amendments related to firm reporting and the registration program in 2024.
“The PCAOB continues to achieve significant results and advance our investor-protection mission in 2024 by modernizing our standards and rules that have fallen out of date after decades without substantial revision,” PCAOB chair Erica Williams said in a statement. ”We look forward to building on our progress as we close out 2024 and head into the new year.”
The updates come after the board’s modernization progress in 2024, which includes:
- Adopting a
new quality control standard that requires all registered public accounting firms to identify specific risks to their practice and design a quality control system that can safeguard against those risks; - Adopting a
new auditing standard that enhances the structure and clarity of the principles and responsibilities of auditors; - Adopting
amendments to two standards that clarify auditors’ responsibilities when using technology-assisted analysis; - Adopting a
rule amendment that changes the standard for an associated person’s contributory liability for a firm violation from “recklessness” to “negligence”; - Proposing
new public reporting requirements for audit firms of certain firm and engagement metrics; - Proposing
modernizing firms’ reporting to the PCAOB of certain financial, governance and network information; - Proposing
replacing an auditing standard from 1989 on analytical procedures; and, - Proposing a
new rule to prevent auditing firms from making false or misleading statements about being registered or overseen by the PCAOB.
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