PCAOB holds meeting to consider auditing standards amendments and two-tier system

The Public Company Accounting Oversight Board has scheduled an open meeting to consider whether to propose and seek comment on two key areas:

– A new auditing standard, and an amendment to an interim auditing standard, relating to audit documentation. This proposal would establish general requirements for documentation the auditor should prepare and retain in connection with any engagement conducted in accordance with auditing and related professional practice standards. The proposal would also establish specific documentation requirements when a principal auditor relies on the work of other auditors.