The U.S. Securities and Exchange Commission (SEC) just approved a Public Company Accounting Oversight Board (PCAOB) plan on September 18, 2015. The plan reorganizes PCAOB audit standards to delete references to obsolete standards and to help users navigate the standards more easily.
The new standard will be organized as:
- 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 changes will be effective as of December 15, 2016 and, if on time, will be eligible for testing by mid-2017.