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Comments Requested on PCAOB Engagement Quality Review Standard under PIR Program

The Public Company Accounting Oversight Board (“PCAOB”) Center for Economic Analysis (“the Center”) has released the Request for Comment, Post-Implementation Review: Auditing Standard No. 7, Engagement Quality Review. The Request for Comment will help the first post-implementation review (PIR) program determine the impact of previously adopted PCAOB rules and standards. The PIR program’s objective is to review whether the adopted rules and standards accomplish their purposes, identify unintended consequences, and assess the overall effects of the PCAOB’s rules and standards. Comments are due Tuesday, July 5th. The news release on this Request for Comment is available on the PCAOB Web site.

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Standing Advisory Group’s Task Force Shelved

At a Standing Advisory Group (“SAG”) meeting last month, Public Company Accounting Oversight Board (“PCAOB”) Chairman James Doty announced that the Board will no longer pursue creating a task force for identifying accounting fraud. Responding to a question concerning such efforts, Doty remarked that the PCAOB will tackle fraud through a series of outreach efforts. In this approach, Doty believes the issues can be addressed through private discussions in group settings. Originating in November 2012, the task force idea gained traction after SAG members believed it would help improve auditing practices and provide recommendations to the PCAOB. The PCAOB’s staff. Read More.

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