PCAOB Issues Proposed Auditing Standard

The PCAOB has issued for public comment a proposed standard General Responsibilities of the Auditor in Conducting an Audit and Proposed Amendments to PCAOB Standards. The proposal would (1) modernize a group of standards that the PCAOB adopted on an interim basis in 2003 and (2) address core auditing principles and responsibilities, such as “reasonable assurance, professional judgment, due professional care, and professional skepticism.”

Comments on the proposed rule are due by May 30, 2023. For more information, see the press release, as well as statements by PCAOB Chair Erica Williams and board members Duane DesParte and Christina Ho, on the PCAOB’s Web site.