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PCAOB’s reorganized auditing standards rule book takes effect

Tammy Whitehouse | January 4, 2017

Now that the calendar has turned to 2017, auditors will be following a new nomenclature with respect to citing auditing standards.

Remember, for example, the dreaded Auditing Standard No. 5 governing the audit of internal control over financial reporting? Now it will be known as AS 2201. Having a chat about required communications between auditors and audit committees circa Auditing Standard No. 16? Now you’ll be talking AS 1301. Any concerns over materiality in planning and performing the audit under Auditing Standard No. 11. Get comfortable calling it AS 2105 going forward.

The new system doesn’t make any substantive to change to any audit requirements, but it integrates old standards with newer standards, organizing them topically rather than chronologically. Gone is the distinction between standards written by the Public Company Accounting Oversight Board after it was formed under Sarbanes-...

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