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PCAOB Standard-Setting and Research Agendas Updated

The Public Company Accounting Oversight Board’s (“PCAOB”) Office of the Chief Auditor (“OCA”) has updated its standard-setting agenda. Revised as of June 30, the periodic update reflects the PCAOB’s standard-setting and research agendas, and includes the OCA’s standard-setting agenda, scheduled milestones, and recent developments including the following: Auditor’s Reporting Model (adopted in June by PCAOB and awaiting the Securities and Exchange Commission’s approval) Auditing Accounting Estimates, Including Fair Value Measurements (exposure draft comment period ends Wednesday, August 30) The Auditor’s Use of the Work of Specialists (exposure draft comment period ends Wednesday, August 30) Supervision of Audits Involving Other Auditors. Read More.

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PCAOB Staff Paper to Examine Audit Firm Quality Controls

Staff members of the Public Company Accounting Oversight Board (“PCAOB”) have begun work on a consultation paper for possible improvements to audit quality control systems. The PCAOB believes making improvements to an audit firm’s quality controls, including methods for training and supervising employees, could help audit firms prevent and detect more deficiencies before the audit report is issued. According to the PCAOB’s updated standard-setting agenda, staff members will investigate whether changes to the audit regulator’s quality control standards could prompt firms to improve their quality control systems. Changes may include improvements to how a firm assigns supervisory responsibilities and the. Read More.

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