PCAOB: The Application and Use of the PCAOB’s Interim Attestation Standards

In this comment letter, the CAQ provides views to the PCAOB related to its request for information and comment on The Application and Use of the PCAOB’s Interim Attestation Standards.

The CAQ commends the Board for inviting information and public comment on the Application and Use of the PCAOB’s Interim Attestation Standards. We believe that understanding why, how, and which attestation standards are used will help inform the Board as they proceed with their interim attestation standards project.

In our response we provide insight into the limited use of the PCAOB Interim Attestation Standards and indicate that we do not believe the PCAOB needs to prioritize any updates to these standards. We however further highlight that if the PCAOB were to decide to update these interim attestation standards, we believe that the public interest would be best served by the PCAOB considering many of the significant areas for which the equivalent AICPA attestation standards have been updated over the last 20 years as such an approach could provide a timely and effective path forward for the PCAOB. We also encourage the PCAOB to monitor developments in attestation (and other assurance) standards (AICPA and IAASB, respectively) and engage in a dialogue to foster convergence. Read the full comment letter here.