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PCAOB Publishes Updated Interim Standards

Compliance Week | September 21, 2004

The PCAOB recently amended its interim auditing standards to conform to the requirements of its PCAOB Auditing Standards No. 2, “An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements.”

The interim standards, adopted by the PCAOB in April 2003, were developed by the AICPA before the Board was established, and components have since been updated.

In a statement last week, PCAOB member Daniel Goelzer said that out of nearly 1,000 pages of the existing interim standards, the staff identified 48 separate paragraphs “that were affected by PCAOB Auditing Standard No. 2 and two sections that were entirely superseded [sic].”

The update was proposed in March of this year, and was the subject of 10 comment letters.

According to the Board, the conforming amendments dealt mostly with the consideration of...

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