The PCAOB issued a proposed new standard Tuesday, Dec. 20, designed to strengthen and modernize the requirements for the auditor’s use of confirmation.
The proposed standard would replace Auditing Standard (AS) 2310, The Confirmation Process, to make conforming amendments to certain related PCAOB auditing standards.
AS 2310, originally developed by the AICPA in 1991, has had minimal amendments since the PCAOB adopted it as an interim standard in 2003, shortly after the board’s formation.
The PCAOB will accept comments on the proposal through Feb. 20.