Today The Public Accounting Oversight Board released a proposal to re-organize their official auditing standards. The document is open to public comment, and a meeting was held early this morning to begin the process.
The PCAOB is aiming to restructure their system to be more topical-based, and to follow the flow of the audit process. Information will be divided into the categories of: general auditing standards, audit procedures, auditor reporting, matters relating to filings under federal securities laws, and other matters associated with audits.
This sounds a lot like a codification re-work of the PCAOB standards.
Martin F. Baumann, Chief Auditor and Director of Professional Standards explained that "No substantive changes will be made or new audit requirements added to PCAOB standards by implementing amendments." The purpose of the change is to benefit users of the organization by allowing them to better understand and utilize its tools.
