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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.

- A new auditing standard to require registered public accounting firms to make reference in their audit reports to the standards of the Public Company Accounting Oversight Board. This change would reflect that auditors must now follow PCAOB standards in auditing public companies as required by the Sarbanes-Oxley Act of 2002.

The Board will also consider proposing technical amendments to its rules relating to its interim standards.

The move is seen as a continuing cycle of implementation and refinement following the provisions laid down in the Sarbanes-Oxley Act of 2002.

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