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.

Where to find December’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Get Clients Ready for Tax Season

This comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.