PCAOB Aims for Single System of Auditing Standards

The Public Company Accounting Oversight Board is seeking comments on a proposal to reorganize its auditing standards into a single system.

The proposed reorganization would provide a potential framework for the existing interim and PCAOB-issued auditing standards into a topical structure with a single integrated numbering system, presenting them “in a logical order that generally follows the flows of the audit process,” according to a board statement.

"This proposed reorganization is intended to help users navigate the standards more easily," said PCAOB Chairman James Doty. "It is just the first step. The PCAOB also intends to explore additional steps and undertake additional projects to enhance the organizational structure of PCAOB standards."

As part of the proposed changes, all board auditing standards would be grouped into the following categories:

• General auditing standards;
• Audit procedures;
• Auditor reporting;
• Matters relating to filings under federal securities laws; and,
• Other matters associated with audits.

"The proposed framework will benefit users of PCAOB standards by creating a logical and easy-to-understand structure and numbering system," said chief auditor and director of professional standards Martin Baumann. "Also, no substantive changes will be made or new audit requirements added to PCAOB standards by the implementing amendments."
Comments on the proposal are due by May 28, 2013. They can be sent to comments@pcaobus.org or through www.pcaobus.org. All comments should refer to PCAOB Rulemaking Docket Matter No. 40.