PCAOB Readdresses Audit Committee Communications

Submitted by rkoreto on Thu, 12/22/2011 - 12:23

The PCAOB today reproposed for comment an auditing standard on communications with audit committees, and other amendments to PCAOB standards. The Board initially proposed the standard on March 29, 2010.

The reproposed standard would establish requirements that enhance the relevance and quality of the communications between the auditor and the audit committee, according to a statement from the PCAOB. In addition, it would "better align the communication requirements with performance requirements in other PCAOB standards, including the implementation of the risk assessment standards (Auditing Standard Nos. 8-15) that became effective in December 2010."

Another reason for the rerelease is Congress's decision in July 2010 to give the PCAOB oversight over the audits of SEC-registered brokers and dealers. "Reproposing this standard provides commenters with an opportunity to comment on the standard in relation to the audits of brokers and dealers."

The new version also includes changes  made in response to comments received on the original proposal and other refinements. The NYSSCPA sent a comment letter on the original draft.

Comments on the reproposed standard are due Feb. 29, 2012.

 

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