PCAOB seeks comments on interim attest standards

The Public Company Accounting Oversight Board issued a staff request for information and comment Monday on matters related to the application and use of its interim attestation standards. 

The PCAOB is asking for public input on modernizing standards, which is one of the key goals for its draft strategic plan. To meet this goal, earlier this year, the board announced one of the most ambitious standard-setting agendas in its history, including modernizing interim standards that have not been updated since their initial adoption nearly two decades ago. 

In April 2003, the PCAOB adopted on an interim basis certain attestation standards from the American Institute of CPAs, which have continued in effect substantially as they were adopted.  

"The world has changed since 2003, so to ensure investors are protected, our standards must adapt to keep up," said PCAOB chair Erica Williams, in a statement. "We urge the public to provide our staff with input on how we can best bring our attestation standards up to date." 

Courtesy of PCAOB

The PCAOB spoke about these intended updates earlier this month (see story), after Securities and Exchange Commission Chairman Gary Gensler publicly commented on the board's slowness (see story) in updating its standards.

The board is asking for comments on the draft plan by Oct. 26, 2022. They can be emailed to comments@pcaobus.org or sent by postal mail to the Office of the Secretary, PCAOB, 1666 K Street, NW, Washington, DC 20006-2803.