The Public Company Accounting Oversight Board—the SOX-established audit regulator—recently proposed a set of new and revised auditing standards addressing a public company auditor’s responsibility for considering the company’s “noncompliance with laws and regulations, including fraud.”

Among other things, the proposal would require auditors to proactively identify laws and regulations that, if violated, could have a material effect on the company’s financial statements, without regard to whether the impact is direct or indirect, and to determine whether noncompliance has or may have occurred. [See generally Pub. Co. Acct. Oversight Bd. Proposing Release: Amends. to PCAOB Auditing Standards Related to a Co.’s Noncompliance with Laws & Reguls. & Other Related Amends., Release No. 2023-003 (June 6, 2023) (“Proposing Release”)].

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]