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Overview
In our comment letter on the PCAOB's proposed amendments to auditing standards related to a company’s noncompliance with laws and regulations, we said we generally support the PCAOB’s efforts to modernize its standards by continuing to clarify the responsibilities of auditors with respect to noncompliance with laws and regulations, including fraud. However, we shared significant concerns about several aspects of the proposal and suggested changes that we believe would be essential to enable auditors to operationalize the final standard, especially because certain key provisions of the proposal would go beyond the auditor’s obligation to provide reasonable assurance over financial statements.