SEC-PR-2024-100 (Aug. 20, 2024)
SEC Approves New and Updated PCAOB Audit Standards and an Amendment to the PCAOB’s Contributory Liability Rule – Changes address general responsibilities of an auditor conducting an audit as well as technology-assisted analysis and contributory liability rule for associated persons
Washington D.C., Aug. 20, 2024 — The Securities and Exchange Commission today announced that it has approved two Public Company Accounting Oversight Board (PCAOB) proposals updating audit standards regarding general responsibilities of the auditor and use of technology-assisted analysis in conducting an audit. The SEC also approved a proposal amending a PCAOB ethics rule governing the liability of an associated person when they directly and substantially contribute to audit firm violations.
The Commission approved the PCAOB’s new AS 1000, General Responsibilities of the Auditor in Conducting an Audit, along with related amendments to other PCAOB standards, to reaffirm, consolidate, and modernize the general principles and responsibilities of the auditor when conducting an audit. These standards cover such foundational topics as affirming the auditor’s duty to protect investors through the preparation and issuance of informative, accurate, and independent auditor’s reports; the exercise of due professional care, professional skepticism, and professional judgment when performing audits; and compliance with ethics and independence rules.
Date: Aug. 20, 2024
Accessed: Sep. 20, 2024
Source URL: https://www.sec.gov/newsroom/press-releases/2024-100
Categories:
PDF Notes:
- The PDF viewer below disables the links inside the PDF file.
- The PDF file may be downloaded if you wish.
- All links within the PDF Download are fully functional.