PCAOB Rule 3100 requires registered public accounting firms and their associated persons to comply with all applicable auditing and related professional practice standards established or adopted by the PCAOB.
References to GAAS in Commission Rules and Staff Guidance and in the Federal Securities Laws The guidance in this release is applicable only to auditors' engagements that are governed by PCAOB rules. 1 directly impacts certain of the Commission's rules, regulations, releases and staff bulletins (collectively referred to in this release as "Commission rules and staff guidance") and certain provisions in the federal securities laws, which refer to Generally Accepted Auditing Standards ("GAAS") and to specific standards under GAAS (including related professional practice standards), because it directs auditors to cease referring to GAAS in audit reports relating to financial statements of issuers and instead to refer to the "standards of the Public Company Accounting Oversight Board (United States)." 5 The Commission is therefore issuing interpretive guidance to avoid confusion on the part of issuers, auditors and investors. 1, effective for auditors' reports issued or reissued on or after May 24, 2004. 2 After soliciting comments on the proposed standard, 3 the Commission today approved Auditing Standard No. 1, References in Auditing Reports to the Standards of the Public Company Accounting Oversight Board. 1 On December 23, 2003, the PCAOB filed with the Commission proposed Auditing Standard No. Section 103(a) of the Sarbanes-Oxley Act of 2002 (the "Act") authorized the PCAOB to establish auditing and related professional practice standards to be used by registered public accounting firms. General questions about this release should be referred to Consuelo Hitchcock, Division of Corporation Finance, at (202) 942-2960 or to Esmeralda Rodriguez, Office of the Chief Accountant, at (202) 942-4400, Securities and Exchange Commission, 450 5th Street NW, Washington, DC 20549-0401. 1") of the Public Company Accounting Oversight Board (the "PCAOB").įOR FURTHER INFORMATION CONTACT: Questions about specific filings should be directed to staff members responsible for reviewing the documents the registrant files with the Commission. 1, References in Auditors' Reports to the Standards of the Public Company Accounting Oversight Board ("Auditing Standard No. SUMMARY: The Commission is publishing interpretive guidance regarding Auditing and Related Professional Practice Standard No. 1ĪGENCY: Securities and Exchange Commission. SECURITIES AND EXCHANGE COMMISSION 17 CFR PARTS 211, 231, AND 241 Commission Guidance Regarding the Public Company Accounting Oversight Board's Auditing and Related Professional Practice Standard No. 33-8422 (re: Commission Guidance Regarding the Public Company Accounting Oversight Board's Auditing and Related Professional Practice Standard No.
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