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PCAOB Standard-Setting Update as of March 31, 2018

April 20, 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 are used;
  • The auditor’s role concerning other information and non-GAAP processes;
  • Auditor’s consideration of noncompliance with laws and regulations; and
  • Auditor communication with audit committees related to independence.

Both agendas can be seen on the PCAOB website.