PCAOB Updates Standard-Setting and Research Agendas to Reflect Progress on Key Strategic Goal
Oct 19, 2022
Modernizing standards is one of the four key goals that the Public Company Accounting Oversight Board (PCAOB) has identified in its draft strategic plan. To advance this goal, the Board in May 2022 announced one of the most ambitious standard-setting and research agendas in the PCAOB’s history. The PCAOB announced additions and revisions to the agendas, reflecting accomplishments and developments to date in 2022.
Other Auditors Project Completed
In June 2022, the Board adopted amendments to its auditing standards to strengthen requirements that apply to audits involving multiple audit firms, thus completing a project initiated in 2016. With the SEC’s August 2022 approval of the Board’s action, the Other Auditors project has been removed from the standard-setting agenda.
Three New Projects Added
The PCAOB further expanded its standard-setting and research agendas with three new projects.
Two of the new projects have been added to the short-term standard-setting agenda: Interim Standards – AS 1000 and Amendments Related to Certain Aspects of Designing and Performing Audit Procedures That Involve Technology-Assisted Data Analysis. The amendments related to certain aspects of the designing and performing technology-assisted data analysis project resulted from the successfully completed research project on Audit Evidence, which has now been removed.
One project has been added to the PCAOB’s research agenda: Firm and Engagement Performance Metrics.
Three Project Timelines Updated
The anticipated timing for the Confirmations project has moved up to 2022 from 2023, with the Board expected to issue a re-proposal before year’s end.
For two projects — Noncompliance with Laws and Regulations and Attestation Standards Update — the anticipated timing for action is now 2023. Board action on these projects continues to be expected in the next 12 months.
Review the standard-setting and research agendas on the PCAOB's website.