PCAOB Modernizes Requirements for Auditors’ Use of Confirmation

The PCAOB has issued a new standard, The Auditor’s Use of Confirmation, and Other Amendments to PCAOB Standards. The new guidance, which replaces AS 2310, The Confirmation Process, modernizes the requirements for an auditor’s use of confirmation (i.e., the verification of certain financial statement assertions with a third party). The new requirements and related amendments will apply to all audits performed in accordance with PCAOB standards. If approved by the SEC, the guidance will be effective for audits of financial statements for fiscal years ending on or after June 15, 2025.

For more information, see the press release on the PCAOB’s Web site.