For organizing my discussant response, I use the “input-process-output-outcomes” framework, where the PCAOB is part of the standard-setting infrastructure (input), the processes are its standard-setting activities, the standards eventually developed and approved by the SEC (the output), and assessing the outcome (s) refers to evaluating how well the PCAOB is achieving its mission and vision. It also proposed amendments to other auditing standards relating to significant unusual transactions and financial relationships with executive officers. | Privacy Policy and Terms of Use | Sitemap. Date Details ; PCAOB-2020-01: 34-90473: Nov. 20, 2020: Notice of Filing of Proposed Rules on Amendments to PCAOB … CCR is supportive of the Concept Release and the PCAOB’s focus on quality control. This reproposal was in a response to public comments received from the initial proposal … 3 - Audit Documentation and Amendment to Interim Auditing Standards, Technical Amendments to Interim Standards Rules, Auditing Standard No. Each rule is assigned a docket number which is used to locate all materials related to that rule, including PCAOB releases and comment letters, rule The Rulemaking Docket shows the progress of each rule under consideration by the PCAOB. The release notes that the PCAOB is considering clarifying the standard “without changing the auditor’s fundamental responsibilities” because it appears the standard has been subject to misinterpretation, although the release does not explain how. PCAOB member Jay Brown said he does not support the board’s recently revised standard-setting and research agendas because investors’ views are largely ignored. 4 – Reporting on Whether a Previously Reported Material Weakness Continues to Exist, Ethics and Independence Rules Concerning Independence, Tax Services and Contingent Fees, Temporary Transitional Rule Relating to PCAOB Auditing Standard No. Alignment with ISQM 1 We support the PCAOB aligning its quality control standards with the proposed international standard for firms’ quality management systems (ISQM 1). He said it is urgent to revise those interim standards as the PCAOB is currently considering changes to quality control (QC) standards for audit firms. The Public Company Accounting Oversight Board (PCAOB) proposed for comment a new auditing standard on related party transactions and relationships. The proposal was issued to align the ASB’s standards with the guidance the PCAOB issued after the AICPA completed the Clarity Project in 2012. Proposed Standard - Audit Risk in an Audit of Financial Statements If appropriately integrated into the process, these considerations can improve PCAOB standard-setting. Once approved by the Board, it will be published for public comment. Response to PCAOB - Proposed Auditing Standards Related to the Auditor’s Assessment of and Response to Risk Questions from Appendix 9 of the proposed standards are in bold italics, with the IIA responses following. The guide contains marked text illustrations of the amendments in Release 2020-003, Amendments to PCAOB Interim Independence Standards and PCAOB Rules to Align with Amendments to Rule 2-01 of Regulation S-X , published on November 19. 2 - An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements, Inspection of Registered Public Accounting Firms, Rules on Investigations and Adjudications, Establishment of Interim Professional Auditing Standards, Compliance with Auditing and Related Professional Practice Standards - Advisory Groups, Ethics Code for Board Members, Staff and Designated Contractors and Consultants, Board Funding - Establishment of Accounting Support Fee, Registration System for Public Accounting Firms, Bylaws of the Public Company Accounting Oversight Board. The release is unclear about what specific changes are proposed. The PCAOB is currently seeking comment on the proposed standards, which, if adopted, would be applicable to audits of reporting companies, broker-dealers, investment companies, and employee stock purchase, savings and similar plans, and would be effective for audits of financial statements for fiscal years beginning on or after December 15, 2015. The release notes that the PCAOB is considering clarifying the standard “without changing the auditor’s fundamental responsibilities” because it appears the standard has been subject to misinterpretation, although the release does not explain how. In August 2013, the PCAOB proposed a new standard on the matter (available here), and re-proposed the standard in May 2016 for additional public comment (available here). The PCAOB also supports the implementation of our standards and rules through stakeholder outreach, publishing guidance, and other activities to improve the quality of audit services. 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