PCAOB to Reshuffle Auditing Standards


The Public Company Accounting Oversight Board (PCAOB) has decided to reorganize its auditing standards by topic in a manner that will reflect the flow of an audit.  The standard will be reorganized into the following groups:

• General Auditing Standards
• Audit Procedures
• Auditor Reporting
• Matters Relating to Findings Under Federal Securities Laws
• Other Matters Associated with Audits

The reorganization is not intended to change the substance of existing standards nor to impose any additional requirements on the auditor.

Subject to SEC approval, the revised standards are scheduled to go into effect as of December 31, 2016.

Approximately 6-12 months after going into effect, the revised standards will start showing up in the Authoritative Literature tab for Task-Based Simulations on the Auditing and Attestation CPA exam.

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