Professional Standards and Rulemaking

    PCAOB Professional Standards & Rulemaking 

    The PCAOB is required to establish or adopt, or both, auditing, quality control, ethics, independence, and other standards relating to the preparation of audit reports for public companies, in accordance with Section 103 of the Sarbanes-Oxley Act of 2002.  All of the PCAOB's standards and rules go through the following process:

    • First, a proposed standard or rule is adopted by the PCAOB typically after a public comment period.
    • Second, the standard or rule is sent to the SEC for approval.

    The SEC's approval process also typically involves a public comment period. PCAOB rules do not take effect unless approved by the SEC.

    The following are links to PCAOB rules and standards:

    PCAOB SAG 

    The PCAOB Standing Advisory Group (SAG) is a group whose purpose is to advise the PCAOB on the establishment of auditing and related professional practice standards. The SAG is composed of highly qualified persons representing the auditing profession, public companies, investors and others. Access SAG meeting summaries and meeting materials at the respective link.

    PCAOB IAG 

    The PCAOB Investor Advisory Group (IAG) was established to provide views and advice to the Board on broad policy issues, and other matters that affect investors related to the work of the PCAOB. The IAG provides high-level advice and insight on matters the Board may face in fulfilling its mission to protect investors. Access IAG meeting summaries and related meeting materials at the respective link.

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    CAQ Alert #2012-11 PCAOB Mandatory Firm Rotation Roundtable Highlights

    Article June 2012 PCAOB Mandatory Firm Rotation Roundtable Highlights
    Published on May 03, 2013

    PCAOB Standing Advisory Group Meetings

    Meeting Highlights Information about the PCAOB Standing Advisory Group (SAG), a group whose purpose is to advise the PCAOB on the establishment of auditing and related professional practice standards. Gain access to SAG meeting materials and highlights from each meeting.
    Published on March 27, 2013

    May 2012 SAG Meeting Highlights

    Meeting Highlights CAQ highlights of the May 2012 PCAOB SAG meeting including discussion on the PCAOB's standard-setting agenda, possible future standard-setting projects, going concern, and related parties and significant unusual transactions.
    Published on June 13, 2012

    March 2012 PCAOB Mandatory Firm Rotation Roundtable Highlights

    Article March 2012 PCAOB Mandatory Firm Rotation Roundtable Highlights
    Published on April 25, 2012

    PCAOB Investor Advisory Group Meetings

    Meeting Highlights Information about the PCAOB Investor Advisory Group (IAG) established to provide views and advice to the Board on broad policy issues, and other matters that affect investors and are related to the work of the PCAOB. Gain access to IAG meeting materials and highlights from each meeting.
    Published on April 13, 2012

    March 2012 IAG Meeting Highlights

    Meeting Highlights March 2012 IAG Meeting Highlights
    Published on April 05, 2012

    November 2011 SAG Meeting Highlights

    Meeting Highlights CAQ highlights of the November 2011 PCAOB SAG meeting including discussion on upcoming PCAOB standard-setting activities, auditor independence and audit firm rotation, going concern, fair value pricing sources task force, improving the transparency of audits, year-end audit risk and financial reporting issues, and the auditor's reporting model.
    Published on December 13, 2011

    September 2011 PCAOB Auditors Report Roundtable Highlights

    Meeting Highlights September 2011 PCAOB Auditors Report Roundtable Highlights
    Published on October 04, 2011

    April 2009 SAG Meeting Highlights

    Meeting Highlights CAQ highlights of the April 2009 PCAOB SAG meeting including the following discussion topics: engagement quality review, audit confirmations, emerging issues discussion and going concern.
    Published on April 07, 2011

    October 2009 SAG Meeting Highlights

    Meeting Highlights CAQ highlights of the October 2009 PCAOB SAG meeting including the following discussion topics: standard-setting activities and emerging issues, update on proposed standards and concept releases issued, auditing fair value measurements and using the work of a specialist, communications with audit committees and related parties.
    Published on April 07, 2011

    October 2008 SAG Meeting Highlights

    Meeting Highlights CAQ highlights of the October 2008 PCAOB SAG meeting including the following discussion topics: audit considerations in the current economic environment, feasibility of audit quality indicators, and signing the auditor's report.
    Published on April 07, 2011

    June 2005 SAG Meeting Highlights

    Meeting Highlights CAQ highlights of the June 2005 PCAOB SAG meeting including discussions surrounding the implementation of AS 2 (later superseded by AS 5).
    Published on April 07, 2011

    October 2005 SAG Meeting Highlights

    Meeting Highlights CAQ highlights of the October 2005 PCAOB SAG meeting including the following discussion topics: proposed standard-setting activities for 2006, communications with audit committees and engagement quality reviews.
    Published on April 07, 2011

    February 2006 SAG Meeting Highlights

    Meeting Highlights CAQ highlights of the February 2006 PCAOB SAG meeting including the following discussion topics: using the work of a specialist, the auditor's consideration of materiality in audit planning and evaluation of likely misstatements, and the effects on independence of indemnification, limitation of liability, and other litigation-related causes in audit engagement letters.
    Published on April 07, 2011

    June 2006 SAG Meeting Highlights

    Meeting Highlights CAQ highlights of the June 2006 PCAOB SAG meeting including the following discussion topics: PCAOB activities related to Section 404 and AS 2, implementation of Section 404 and AS 2, research related to auditing fair value and auditor's risk assessments, implications of internal control over financial reporting and stock option backdating.
    Published on April 07, 2011

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