PCAOB Issues Proposed New Standard on the Auditor’s Use of Confirmations

  • PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

Dec 20, 2022

On December 20, 2022, the Public Company Accounting Oversight Board (PCAOB) issued for public comment a proposed new standard regarding the requirements for the auditor’s use of confirmations. Public comments on the proposal are requested by February 20, 2023.

The PCAOB is proposing to replace AS 2310, The Confirmation Process, in its entirety with a new standard, AS 2310, The Auditor’s Use of Confirmation. The purpose is to strengthen and modernize the requirements for the confirmation process. In doing so, the Board noted that AS 2310 is an important standard for audit quality and investor protection, as the audit confirmation process touches nearly every audit. However, the standard was initially written over 30 years ago and has had minimal amendments since its adoption by the PCAOB in 2003.

Re­view the press re­lease and proposed new standard on the PCAOB's web­site.

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