PCAOB & Public Company Audit Standards

Question 1

Standard # 1

Answer 1

A.
Title of the report – Replaced “Independent Auditor’s Report” with “Report of Independent Registered Public Accounting Firm.”
B.
Scope paragraph – Replaced reference to “auditing standards generally accepted in the United States of America” with “the standards of the Public Company Accounting Oversight Board (United States).”
C.
Opinion paragraph – Replaced reference to “accounting principles generally accepted in the United States of America” with “U.S. generally accepted accounting principles.”
D.
Signature – Required firms to add their city and state (or country, as applicable) along with their signature and date of their audit report.

Question 2

Must document all significant findings or issues including:

Answer 2

(also document the actions taken to address them and the basis for the conclusions reached) - including the application of accounting principles, circumstances causing modification of planned audit procedures, matters that could result in modification of the auditor’s report, material misstatements, significant deficiencies or material weaknesses in internal control over financial reporting, difficulties in applying audit procedures, and disagreements among members of the engagement team about final conclusions on significant matters, among other things.

Question 3

Document retention

Answer 3

7 years

45 day completion window