The PCAOB is seeking feedback on its release Tuesday, March 28, of a proposal focused on modernizing core auditing principles and responsibilities for public companies.
The proposal reorganizes and consolidates a group of standards that the PCAOB adopted on an interim basis in 2003, shortly after the board’s formation.
In general terms, the proposed standard would, in consideration of the changing landscape for audits over the past two decades, “address the core principles and responsibilities of the auditor, such as reasonable assurance, professional judgment, due professional care and professional skepticism,” PCAOB Chair Erica Williams said in a news release.
Specifically, the news release called attention to a change that would reduce the maximum period for the auditor to assemble a complete and final set of audit documentation from 45 days to 14 days. PCAOB will accept public comments through Tuesday, May 30. Read more.