The PCAOB Issues Reorganized Audit Standards


The Public Company Accounting Oversight Board (PCAOB) issued their reorganized audit standards, which are scheduled to go into effect as of December 15, 2016.

According to the Securities and Exchange Commissions’ Website, in April of 2003, the PCAOB adopted generally accepted auditing standards (GAAS) and continued to use the topical organization and reference numbers (AU sections) in the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA). At the time, the auditing standards had not been codified or organized by topic, but were organized using:

  • The numbering system used by the ASB when the Board adopted the interim standards;
  • The numbering system used by the Board for the standards it has issued

The standards have now been organized in accordance with the following topics:

  • General Auditing Standards (AS 1000s)—standards on broad auditing principles, concepts, activities, and communications;
  • Audit Procedures (AS 2000s)—standards for planning and performing audit procedures and for obtaining audit evidence;
  • Auditor Reporting (AS 3000s)—standards for auditors’ reports;
  • Matters Related to Filings Under Federal Securities Laws (AS 4000s)—standards on certain auditor responsibilities relating to U.S. Securities and Exchange Commission filings for securities offerings and reviews of interim financial information; and
  • Other Matters Associated with Audits (AS 6000s)—standards for other work performed in conjunction with an audit of an issuer or of a broker or dealer

The reorganized audit standards are eligible for testing on the CPA Exam in the 2nd quarter of 2017.  

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