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Last week, the PCAOB issued for public comment a proposed new auditing standard, AS 1000, General Responsibilities of the Auditor in Conducting an Audit. In the press release announcing the proposed standard, the PCAOB describes it as follows:

If adopted, AS 1000 would reorganize and consolidate a group of standards that were adopted on an interim basis by the PCAOB in April 2003 and that address the core principles and responsibilities of the auditor, such as reasonable assurance, professional judgment, due professional care, and professional skepticism.

The proposal would also amend certain other standards that address responsibilities fundamental to the conduct of an audit. Among other changes, the amendments would (1) reinforce and clarify the engagement partner’s responsibility to exercise due professional care related to supervision and review and (2) accelerate the documentation completion date by reducing the maximum period for the auditor to assemble a complete and final set of audit documentation from 45 days to 14 days.

The PCAOB requests public comment on the proposal by May 30, 2023.

– Dave Lynn