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PCAOB updates its standard-setting agenda

  • PCAOB (US Public Company Accounting Oversight Board) Image

Oct 03, 2013

The PCAOB has issued an updated standard-setting agenda that contains an overview of its standard-setting projects and key milestones.

The agenda is based on the “results of the PCAOB's oversight of registered public accounting firms, monitoring of the environment, consultation with the Board's Standing Advisory Group ('SAG'), input from the Board's Investor Advisory Group ('IAG'), discussion with the U.S. Securities and Exchange Commission ('SEC') staff, and other factors.”

The agenda provides brief descriptions of the following projects:

  • The Auditor’s Reporting Model.
  • Audits of Brokers and Dealers.
  • Audit Transparency: Identification of the Engagement Partner and Other Public Accounting Firms or Persons That Are Not Employed by the Auditor but Participate in the Audit.
  • Related Parties.
  • Framework for Reorganization of PCAOB Auditing Standards.
  • Auditors' Responsibilities With Respect to Other Accounting Firms, Individual Accountants, and Specialists.
  • Going Concern.
  • Quality Control Standards, Including Assignment and Documentation of Firm Supervisory Responsibilities.
  • Auditing Accounting Estimates, Including Fair Value Measurements and Related Disclosures.
  • Auditor Independence, Objectivity, and Professional Skepticism.
  • Confirmation.
  • Subsequent Events.

The standard-setting agenda is available on the PCAOB's Web site.

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