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 Other Auditors: Supplemental request for comment issued, with comment period ending on Wednesday, November 15.
Going concern: Covers PCAOB outreach, monitoring, and research efforts.
The PCAOB’s research agenda includes the following projects:
Quality control standards.
Changes in how data and technology are used in audits.
The auditor’s role concerning other information and non-GAAP measures.
Auditor’s consideration of noncompliance with laws and regulations.