Proposed and Adopted Standards and Related Rules
Proposed
Proposed Auditing Standard—Engagement Quality Review
The Board is proposing an auditing standard, Engagement Quality Review, which would supersede its interim concurring partner review requirement, and a conforming amendment to the Board's interim quality control standards. The proposed standard would apply to all engagements performed in accordance with the standards of the PCAOB.
Adopted
Ethics and Independence Rule 3526, Communication with Audit Committees Concerning Independence, and Amended Rule 3523, Tax Services for Persons in Financial Reporting Oversight Roles
On April 22, 2008, the Board adopted ethics and independence Rule 3526, Communication with Audit Committees Concerning Independence, that, if approved by the SEC, would supersede the Board's interim independence requirement, Independence Standards Board Standard No. 1, Independence Discussions with Audit Committees, and two related interpretations. The Board also adopted an amendment to Rule 3523, Tax Services for Persons in Financial Oversight Reporting Roles, to exclude from the scope of the rule tax services provided during the portion of the audit period that precedes the beginning of the professional engagement period.
Auditing Standard – Evaluating Consistency of Financial Statements
On January 29, 2008, the Board adopted an auditing standard, Evaluating Consistency of Financial Statements, and amendments to its interim standards that, if approved by the Securities and Exchange Commission, would supersede AU sec. 420, Consistency of Application of Generally Accepted Accounting Principles; remove the hierarchy of generally accepted accounting principles from the interim auditing standards; and make certain changes to its interim standards.
Adopted standards and rules are not final until approved by the SEC.
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