PwC comments on PCAOB's proposed framework to reorganize audit standards

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PwC comment letter (PCAOB) 07/08/2014 by Assurance services
PwC comments on PCAOB's proposed framework to reorganize audit standards

At a glance

PwC believes the proposed framework will help users navigate PCAOB standards more easily, but suggests some enhancements.

PwC submitted a comment letter supporting the PCAOB’s Supplemental Request for Comment: Proposed Framework for Reorganization of PCAOB Auditing Standards and Related Amendments to PCAOB Auditing Standards and Rules.

PwC continues to support the Board’s proposal to reorganize its existing interim and PCAOB-issued auditing standards into a framework that presents the standards in a logical order that generally follows the flow of the audit process. We believe the proposed reorganization will help users navigate the Board’s standards more easily.

Consistent with our comment letter on the PCAOB’s initial release, we do not support the proposal to rescind AU 532, Restricting the Use of an Auditor’s Report, and the related proposed amendment to delete footnote 41 to paragraph 25 in Auditing Standard No. 16, Communications with Audit Committees, which could be interpreted to indicate that communications with audit committees should no longer be restricted.

We offer suggestions to clarify some of the proposed amendments, to enhance the online demonstration version of the proposed reorganized auditing standards, and considerations for next steps.