United States

PCAOB reorganizes its auditing standards


The Public Company Accounting Oversight Board (PCAOB) recently approved a topical system that integrates its existing interim and PCAOB-issued auditing standards. Under this reorganization, the individual standards will be grouped into the following topical categories that generally follow the flow of the audit process:

  • General Auditing Standards – standards on broad auditing principles, concepts, activities and communications
  • Audit Procedures – standards for planning and performing audit procedures and for obtaining audit evidence
  • Auditor Reporting – standards for auditors’ reports
  • Matters Relating to Filings Under Federal Securities Laws – standards on certain auditor responsibilities relating to SEC filings for securities offerings and reviews of interim financial information
  • Other Matters Associated with Audits – standards for other work performed in conjunction with an audit

The amendments to implement this topical system will not impose new requirements on auditors or change the substance of the requirements for performing and reporting on audits under PCAOB standards. Subject to SEC approval, the Reorganization of PCAOB Auditing Standards and Related Amendments to PCAOB Standards and Rules will be effective as of December 31, 2016.