Wiley Practitioner's Guide to GAAS 2015: Covering all SASs, SSAEs, SSARSs, PCAOB Auditing Standards, and Interpretations

PCAOB 1 References in Auditors' Reports to the Standards of the Public Company Accounting Oversight Board

IMPORTANT NOTE: The guidance in this section applies to the preparation and issuance of audit reports for all issuers as defined by the Sarbanes-Oxley Act.

APPLICABILITY

This section applies to auditors' reports on audits and other engagements relating to public companies and other issuers.

DEFINITION OF TERM

Auditor. As used in the standard, the term refers to both public accounting firms registered with the Public Company Accounting Oversight Board (PCAOB) and associated persons thereof.

FUNDAMENTAL REQUIREMENTS

In April 2003, the PCAOB adopted the AICPA's auditing standards in existence on April 16, 2003, to the extent not superseded by the PCAOB. These are referred to as the Interim Standards.

When an engagement is performed in accordance with the standards of the PCAOB, and the auditor is required by the interim standards to refer in a report to generally accepted auditing standards, US generally accepted auditing standards (GAAP), auditing standards generally accepted in the United States of America, or standards established by the American Institute of Certified Public Accountants (AICPA), the auditor must instead refer to “the standards of the Public Company Accounting Oversight Board (United States).”

Auditors must also include the city and state from which the report is issued. (Non-US auditors are required to include the city and country.)

OTHER PCAOB ...