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Proposal aims to ‘modernize’ public-company audit standards

March 28, 2023

The PCAOB is seeking feedback on its release Tuesday of a proposal focused on modernizing core auditing principles and responsibilities for public companies.

AS 1000, General Responsibilities of the Auditor in Conducting an Audit, reorganizes and consolidates a group of standards that the PCAOB adopted on an interim basis in 2003, shortly after the board's formation.

"Our capital markets never stop evolving, and PCAOB standards must keep up to keep investors protected," PCAOB Chair Erica Y. Williams said in a news release. "This proposal would modernize standards that are foundational to audit quality, ensuring they are fit to meet today's challenges."

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."

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.

Public comments will be accepted through May 30. The proposal contains 25 questions for commenters to consider and encourages feedback regarding the time auditors would need to prepare for AS 1000 and the potential economic impact of the proposal.

Comments can be emailed to This email address is being protected from spambots. You need JavaScript enabled to view it.. More information, including supporting documents, can be found on the PCAOB's website.

In 2003, the PCAOB adopted prevailing AICPA audit standards on an interim basis. The materials shared by the PCAOB on Tuesday include a comparison of AS 1000 to current prevailing AICPA standards (AU-C 200) and current prevailing international standards (ISA 200).

AS 1000 would replace AS 1001, AS 1005, AS 1010, and AS 1015 with one standard. In addition, the PCAOB would update and incorporate the underlying requirements of AS 2815 into AS 2810 and rescind AS 2815.

[Journal of Accountancy]

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