Final Auditing and Attestation Standards Published
After receiving approval from the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board (“PCAOB”) has posted its final auditing and attestation standards. Updated recently on its website, the standards include: Auditing Standard No. 17, Auditing Supplemental Information Accompanying Audited Financial Statements, and associated amendments; Attestation Standard No. 1, Examination Engagements Regarding Compliance Reports of Brokers and Dealers; Attestation Standard No. 2, Review Engagements Regarding Exemption Reports of Brokers and Dealers, and associated amendments; and Amendments conforming to the Dodd-Frank Act; which modify some PCAOB rules to the audits and auditors of broker-dealers listed with the SEC. Amendments to the PCAOB rules will be effective. Read More.
Supplemental Request for Comment Issued by PCAOB
Regarding its proposal over the restructuring of auditing standards, the Public Company Accounting Oversight Board (“PCAOB”; “the Board”) has issued a supplemental request for comment. The PCAOB’s request explains how the proposed amendments to the Boards’ standards are necessary to carry out the proposal, as well as includes slight changes to Proposed Framework for Reorganization of PCAOB Auditing Standards and Related Amendments to PCAOB Auditing Standards and Rules, which was issued last year. Per the March 2013 proposal, the framework would structure the existing interim and Board-issued auditing standards into categories. The standards would be classified as: General auditing standards;. Read More.
SEC Approves Amendments to PCAOB Rules
With most taking effect June 1st, amendments to the Public Company Accounting Oversight Board’s rules (“PCAOB”; “the Board”) conforming to the Dodd-Frank Act have been approved by the U.S. Securities and Exchange Commission (“SEC”). Adopted by the PCAOB, the rules reference audits, and auditors of brokers and dealers in the Board’s provisions. Further, the rules make certain that the PCAOB can carry out its oversight power, which was established under the Dodd-Frank Act regarding audits, and auditors of brokers and dealers registered with the SEC. The amendments include provisions such as: Adding references to audits and auditors of broker-dealers in. Read More.