The PCAOB on Tuesday, June 6, issued an amendment designed to strengthen auditor requirements to identify, evaluate and communicate noncompliance with laws and regulations.
The proposal would amend Auditing Standard (AS) 2110, Identifying and Assessing Risks of Material Misstatement, and other auditing and related professional practice standards.
The proposed amendment, according to the PCAOB, would strengthen auditor obligations related to a company's noncompliance with laws and regulations in three aspects: identification, evaluation and communication.
The PCAOB will accept comments on the proposal through Monday, Aug. 7. Learn more.