In this comment letter, the CAQ responds to the SEC’s notice to solicit comment on AS 1000, General Responsibilities of the Auditor in Conducting an Audit and Amendments to PCAOB Standards, as adopted by the PCAOB Board.
In our letter we detail our views on the following:
- We welcome the efforts of the PCAOB Board to understand the feedback provided and concerns raised by stakeholders through the comment letter process, and to thoughtfully address that feedback in the Final Standard. We are supportive of the SEC approving the Final Standard.
- Based on our initial reviews of the Final Standard, implementation resources will be necessary to promote consistent implementation and application of the new standard and amendments. It will be important for the PCAOB to engage with the auditing profession throughout the implementation period to resolve questions as they arise, as well as with investors and other key stakeholders to reduce potential expectation gaps. We suggest that the SEC encourage the PCAOB to provide such support to ensure a successful implementation of the Final Standard.
Read the full comment letter here.