The PCAOB oversees the audits of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports.
Website: www.pcaob.org
This staff audit practice alert will assist auditors in applying PCAOB standards when auditing companies' implementation of the new revenue accounting standard from the Financial Accounting Standards Board.
The standard-setting update, which includes the standard-setting and research agendas, was prepared by the staff of the Office of the Chief Auditor.
The PCAOB announces it will hold an open meeting to consider issuing a supplemental request for comment on certain revisions to new requirements proposed last year that would apply to audits that involve auditors outside the firm issuing the audit report.
In the webinar, PCAOB presenters will focus on the requirement that went into effect on June 30, 2017, to disclose information about other firms that participated in an audit. Many firms will implement this for the first time following the completion of their calendar year-end audits. The webinar also will highlight other aspects of the new rules, including filing requirements and amending Form AP.
The PCAOB issued a report on its inspections in 2016 of auditors of brokers and dealers that shows a continued high level of audit deficiencies.
The standard-setting update, which includes the standard-setting and research agendas, was prepared by the staff of the Office of the Chief Auditor.
PCAOB inspectors continued to observe impaired auditor independence as auditors were involved in the preparation of the financial statements or accounting records of their audit clients.
The new standard requires auditors to include a discussion of the critical audit matters.
The proposal intends to further protect investors by strengthening the evaluation requirements for a specialist's work.
The proposal emphasizes that auditors need to apply professional skepticism and attention when auditing accounting estimates.
The board will consider the adoption of a standard to provide additional information in the auditor's report.
The Annual Report summarizes the activities of the board. It also includes the PCAOB's audited financial statements.
This report describes the PCAOB's current standard-setting agenda, including a brief project overview, and outlines key milestones on various standard-setting projects.
The PCAOB issued updated staff guidance for firms filing the new Form AP. This guidance replaces the January 26, 2017 version and should be used by firms going forward.
PwC supports changes to the auditor’s report that maintain or improve audit quality.
PwC supports the PCAOB project considering the auditor’s supervisory responsibilities in audits involving other auditors.
PwC is supportive of AS 7 and PCAOB post-implementation reviews in general
All PCAOB rules adopted by the Board and approved by the Securities and Exchange Commission. For the full list of PCAOB bylaws and rules, please visit the PCAOB website.
For the full list of PCAOB dockets open for public comment, please visit the PCAOB website.
For a listing of all speeches visit the PCAOB website.
David Schmid
IFRS & US Standard Setting Leader, National Professional Services Group
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