On March 28, 2023, the PCAOB proposed, and solicited public comment on, a set of new and revised standards addressing an auditor’s general responsibilities in conducting audits. The new standard, AS 1000, would reorganize and consolidate several existing standards on “core principles and responsibilities,” including  reasonable assurance, professional judgment, due professional care, and professional skepticism. Other standards would be revised to, among other things, “clarify the engagement partner’s responsibility to exercise due professional care related to supervision and review” and reduce the time allowed to assemble a complete and final set of audit documentation from 45 days to 14 days. In a press release, the PCAOB described the proposal as “advancing the Board’s strategic goal of modernizing PCAOB standards” and stated that it would “bring important improvements designed to reflect changes in the auditing environment, eliminate outdated and inconsistent language, and increase consistency throughout PCAOB standards.”  Public comments on the proposal are due by May 30, 2023.

The PCAOB’s proposal is available here. The accompanying press release is available here. Statements in support issued by each Board member are available here: Williams, DesParte, Ho, Stein, and Thompson.