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

2018 financial reporting survey: Challenges and trends

Learn the top reporting challenges that emerged in a survey of more than 800 finance, accounting, and compliance professionals across the world, and compare them with your organization's obstacles.

PODCAST

How the skill set for today’s CFO is changing

Scott Simmons, a search expert for large-company CFOs, gives advice for the next generation of finance leaders and more, including which universities are regularly producing future CEOs and CFOs.