New PCAOB Standards to Enhance Audit Quality and Accountability.
The PCAOB has proposed new auditing standards for situations where auditors share responsibilities, aiming to improve planning and supervision of audits involving multiple firms. The proposed changes also require auditors to identify and communicate critical audit matters in financial statements. PCAOB inspections have revealed deficiencies in communication and adherence to instructions among auditors, highlighting the need for improved practices in the audit profession.