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PCAOB approves reorganization of its auditing standards

  • PCAOB (US Public Company Accounting Oversight Board) Image

Apr 01, 2015

Yesterday, the PCAOB issued Release No. 2015-002, "Reorganization of PCAOB Auditing Standards and Related Amendments to PCAOB Standards and Rules," approving the reorganization of its auditing standards. Under the amendments, PCAOB-issued auditing standards will be integrated with PCAOB interim standards by using a topical structure and a uniform four-digit numbering system.

The release notes that the new structure “generally follows the flow of the audit process” and is intended to enhance the usability and navigability of — and thus to facilitate compliance with — the PCAOB’s auditing standards. In addition, the release indicates that future auditing standards “will be issued as new or replacement sections and paragraphs” within the new topical organization and that PCAOB standards will no longer be sequentially numbered.

For more information, see Deloitte's related journal entry and the press release on the PCAOB's Web site.

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