PCAOB Revises Standard-Setting Agenda and Adds Rulemaking Projects

On May 16, 2023, the PCAOB published the latest update to its standard-setting and research agendas. The standard-setting update notes two projects moved to the agenda for short-term action: Firm and Engagement Performance Metrics and Substantive Analytical Procedures. The update also notes two projects were added to the mid-term agenda: Use of a Service Organization and Interim Financial Information Reviews. Short-term actions are expected in fewer than twelve months, while mid-term projects are those where PCAOB staff is actively engaged but Board action is not expected in the next 12 months. The four new rulemakings included in this update consider how rules could be enhanced in the areas of firm reporting and transparency, contributory liability, follow-on disciplinary proceedings, and registration. The PCAOB’s press release is available here.