The PCAOB reproposed for public comment an auditing standard, Related Parties, and related amendments to other standards to address areas that have been contributing factors in a number of financial reporting frauds.
The PCAOB issued for public comment a proposal for the reorganization of PCAOB auditing standards and certain related amendments to its rules and standards.
The Board said, the proposal provides a potential framework for reorganizing the its existing interim and PCAOB-issued auditing standards into a topical structure with a single integrated numbering system. The proposed reorganization is intended to present the standards in a logical order that generally follows the flow of the audit process.
"Mission Creep" replaced "Increased skepticism" as the "word of the day" and at the top of the latest list of buzzwords related to the auditor rotation discussion following a hearing held by the U.S. House Subcommittee on Capital Markets and Government Sponsored Enterprises centered on the PCAOB’s ongoing discussion of auditor rotation.