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Overview
In our comment letter, we support the PCAOB’s efforts to modernize, streamline and clarify a group of foundational standards that were adopted on an interim basis in 2003. We believe these efforts would enhance the consistency in interpreting and applying the PCAOB’s standards. We are also supportive of the PCAOB’s reaffirmation of the general principles and responsibilities, which we believe remain appropriate considering the changes in the financial reporting and auditing environment. However, we believe that stakeholder input obtained during the rulemaking process is critical to confirm the achievement of the proposal’s objectives since there are elements of the proposal that could unintendedly contribute to the expectations gap related to the auditor’s responsibility.
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