PCAOB asks for additional comments on standards reorganization

BY KEN TYSIAC

The PCAOB is asking for additional comment on its proposal for reorganizing the board’s auditing standards.

The framework would reorganize the existing PCAOB-issued and interim auditing standards by topic with a single numbering system. The original comment period for the proposal ended May 28, 2013.

Along with a supplemental request for comment issued Wednesday, the PCAOB released on its website an online demonstration that presents the existing auditing standards as they would appear if reorganized according to the framework proposed by the board in March 2013.

The supplemental request describes the line-by-line amendments to PCAOB standards and interim standards that would be needed to implement the proposed reorganization. The supplemental request also includes other minor changes from the original proposal.

Mapping tools are included in the online demonstration version to show users the difference between the existing organizational structure and the structure proposed by the PCAOB. An email link in the demonstration version facilitates comments on any aspect of the proposed reorganization.

Comments are sought by July 8 and may be emailed to comments@pcaobus.org.

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

SPONSORED REPORT

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out