PCAOB reestablishes its fundamentals with new standards
By 
Kyle Brasseur2024-05-14T15:30:00
The Public Company Accounting Oversight Board (PCAOB) adopted two new standards that address key audit areas upon which it was relying on benchmarks established more than 20 years ago.
The regulator announced its new general responsibilities for auditors and quality control (QC) standard in separate press releases Monday. The significant changes represent the PCAOB’s view on fundamental areas of audit responsibility and replace standards it either did not establish or had been relying on on an interim basis.
Regarding general responsibilities of the auditor (AS 1000), PCAOB Chair Erica Williams said in a statement the release “solidifies the foundation of every audit, leading to investor protection and informative, accurate, and independent audit reports.”
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