TheCorporateCounsel.net

Yesterday, the SEC posted a Sunshine Act Notice for an open meeting next Tuesday, August 20th. The agenda includes 3 PCAOB-related matters:

1. The Commission will consider whether to approve the Amendments to PCAOB Rule 3502 Governing Contributory Liability, as adopted by the Public Company Accounting Oversight Board. (For background, see Meredith’s June blog from when the PCAOB adopted this standard.)

2. The Commission will consider whether to approve the new auditing standard, AS 1000, General Responsibilities of the Auditor in Conducting an Audit and related amendments, as adopted by the Public Company Accounting Oversight Board. (For background, see Dave’s May blog from when the PCAOB adopted this standard.)

3. The Commission will consider whether to approve the Amendments Related to Aspects of Designing and Performing Audit Procedures that Involve Technology-Assisted Analysis of Information in Electronic Form, as adopted by the Public Company Accounting Oversight Board. (For background, see Dave’s June blog on this topic.)

Along with announcing the open meeting, the Commission posted an extension of the date by which it must act to approve or disapprove the above proposals. The open meeting date falls within the extended date for action.

The SEC’s open meeting agenda reflects that the PCAOB has been very active this year with updating standards, including in ways that affect auditor liability. I blogged yesterday about a lawsuit that alleges that PCAOB disciplinary actions are unconstitutional – which shows that Newton’s third law of motion also applies in the regulatory context.

– Liz Dunshee