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PCAOB Members Say Standard-Setting Projects to be Completed

The new Public Company Accounting Oversight Board (“PCAOB”) members say it is probable that some of the projects on the previous board’s standard-setting agenda will be finished. At this week’s meeting with the Standing Advisory Group, PCAOB chairman William Duhnke said that board members are currently reviewing its agenda and working to ensure that existing projects will remain intact. Duhnke noted that before moving forward, however, the PCAOB needs to complete an evaluation of its standard-setting agenda and discuss which projects will receive priority. Significant work has already been completed on three standard-setting projects. Last June, the PCAOB issued Release No. 2017-002, Proposed Auditing Standard—Auditing Accounting Estimates, Including Fair Value Measurements and Proposed Amendments to PCAOB. Read More.

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New PCAOB Members to Meet with Standing Advisory Group

Today in Washington, D.C., the Public Company Accounting Oversight Board’s (“PCAOB”) five new members are holding their first meeting with the board’s Standing Advisory Group (“SAG”). The meeting will give Robert Brown, William Duhnke, Kathleen Hamm, James Kaiser and Duane Desparte an opportunity to update SAG members on the PCAOB’s standard-setting activities and hear the advisory panel’s thoughts on emerging issues that may impact an auditor’s work. The two-day meeting will also feature a presentation on audit firms’ implementation of Release No. 2017-001, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion and Related Amendments to PCAOB Standards. Issued last year, the rule. Read More.

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PCAOB Considers New Approach to Agenda-Setting

Public Company Accounting Oversight Board (“PCAOB”) chairman William Duhnke plans to take the organization’s approach to setting its long-term agenda in a new direction. Breaking from his predecessors’ leadership, Duhnke wants to establish a set of benchmarks that will help the PCAOB set its agenda and evaluate the progress made in achieving its mission. The new direction includes conducting a complete assessment of the PCAOB’s operations. In particular, Duhnke wants the PCAOB’s programs to receive a fresh look and a possible update to their operations. He said the revamped operations should reflect today’s financial markets and the audit profession, not. Read More.

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PCAOB Standard-Setting Update as of March 31, 2018

Available on the Public Company Accounting Oversight Board’s (“PCAOB”) website is the organization’s most recent standard-setting agenda. Updated as of March 31, the standard-setting agenda features the statuses of the following current PCAOB projects: Auditing Accounting Estimates, Including Fair Value Measurements: Developing a recommendation for action. The Auditor’s Use of the Work of Specialists: Developing a recommendation for action. Supervision of Audits Involving Other Auditors: Reviewing comments and deciding the next steps. Going concern: Outreach, monitoring, and research. The PCAOB also has projects on its research agenda related to: Quality control standards; Changes in how data and technology in audits. Read More.

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PCAOB Standard-Setting Update as of December 31, 2017

The following reflects the Public Company Accounting Oversight Board’s (“PCAOB”) updated standard-setting agenda as of December 31, 2017: Auditing Accounting Estimates, Including Fair Value Measurements: Considering a recommendation for the next PCAOB action. The Auditor’s Use of the Work of Specialists: Considering a recommendation for the next PCAOB action. Supervision of Audits Involving Other Auditors: Reviewing comments on the supplemental request for comments and planning the next steps. Going concern: Covering outreach, monitoring, and research efforts. Along with the release of its revised standard-setting agenda, the PCAOB has added four projects to its research agenda. The projects involve quality control standards, changes in the use of data and technology in audits, the auditor’s role. Read More.

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PCAOB Updates Project Agendas

The Public Company Accounting Oversight Board’s (“PCAOB”) Office of the Chief Auditor recently published an update to its standard-setting and research project agenda. The revised agenda includes the Office’s present standard-setting agenda, planned milestones, and important recent developments. The PCAOB’s standard-setting agenda includes the following projects: Auditor’s Reporting Model: Adopted in June and approved by the Securities and Exchange Commission on October 23rd. Auditing Accounting Estimates, Including Fair Value Measurements: Reviewing comments on exposure draft of the proposed standard. The Auditor’s Use of the Work of Specialists: Reviewing comments on exposure draft of the proposed standard. Supervision of Audits Involving. Read More.

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