The Public Company Accounting Oversight Board is proposing to reorganize its existing auditing standards into a topical “framework” based on a “single integrated numbering system,” it said in an announcement. The board hopes the proposal will “present the standards in a logical order that generally follows the flow of the audit process” and allow users to “navigate [them] more easily.”
The reorganizational framework creates no new performance obligation; it is just the first step in PCAOB efforts and additional projects to enhance the structure of its standards. Comments on the proposal are due by May 28, 2013.
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