PCAOB Considers Audit Engagement Changes

The Public Company Accounting Oversight Board has scheduled an open meeting next week to discuss making changes in engagement quality auditing and sign-off requirements.

The meeting is scheduled to take place Tuesday, July 28, at 10:00 a.m., in the board’s meeting room at 1666 K St. N.W., Washington, D.C.

At the meeting, the PCAOB will consider adopting an auditing standard, “Engagement Quality Review,” that would supersede its existing concurring partner review requirement. The board initially proposed the auditing standard on Feb. 26, 2008, and reproposed the auditing standard on March 4, 2009. 

The PCAOB also plans to consider issuing a concept release soliciting comment on whether the engagement partner should be required to sign the audit report.

The meeting is open to the public and Webcast via a link on the PCAOB Web site that will be made available the day of the meeting. The meeting also will be available via podcast later in the day.