On June 6, 2023, the Public Company Accounting Oversight Board (PCAOB or Board) requested comments on a proposed new auditing standard, AS 2405, A Company’s Noncompliance with Laws and Regulations (NOCLAR). Interested parties may submit comments to the Board directly via email or mail by August 7, 2023. Additional details can be found within the proposal.
The Center for Audit Quality (CAQ) developed a sign-on comment letter representing the views of audit committee chairs and members outlining several concerns about the PCAOB’s proposal. Audit committee chairs and members can include their names on the letter by submitting their information on the CAQ’s website by August 7, 2023.