PCAOB standards reorganized for easy navigation

The standards’ numbering system will follow the logical flow of the audit process.

The PCAOB approved a reorganization of its auditing standards.

The board's standards have consisted of a combination of two sets of standards: Those issued by the PCAOB and those that were originally issued by the AICPA Auditing Standards Board (ASB) but adopted by the PCAOB on an interim transitional basis.

"Having two groups of separately organized standards is not easy to navigate," PCAOB Chief Auditor Martin Baumann said at an open meeting.

The reorganization will place the PCAOB-issued standards and the ASB-issued standards into a single, topical structure with an integrated numbering system with a logical flow that generally follows the audit process.

Under the reorganization, future standards approved by the PCAOB will be issued either as a new section of the standards or as an update of an existing section.

The SEC must approve the reorganization before the standards are updated on the PCAOB's website. If approved, the amendments will take effect as of Dec. 31, 2016.

A demonstration version that was issued in May 2014 is available on the board's website. The PCAOB staff expects that the same search-and-navigate tools that are available in the demonstration version will be available when the reorganized standards are posted.

The standards will be grouped into the following topical categories:

• General auditing standards.

• Audit procedures.

• Auditor reporting.

• Matters relating to filings under federal securities laws.

• Other matters associated with audits.

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