Washington (Dec. 9, 2003) -- Representatives of some of the nation’s largest accounting firms are urging the Public Company Accounting Oversight Board to provide clearer, more specific guidance in declaring which specific standards are being changed.
Last April, PCAOB effectively grandfathered in a series of existing standards promulgated by the American Institute of CPA’s Auditing Standards Board governing auditing, attestation, quality control, ethics, and independence of auditors. In November, however, the Board proposed technical amendments designed to make it easier for PCAOB to implement changes in those interim standards. Under the proposed amendments, PCAOB served notice that when the Board adopts any new auditing or related professional practice standard that addresses a subject already covered by the interim standards, “the affected portion of the interim standards will be superseded or effectively amended.
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