CPA Exam to Phase in Testing of PCAOB Standard

CPA Exam to Phase in Testing of PCAOB Standard

On June 1, 2017, the Public Company Accounting Oversight Board (“PCAOB” or “Board”) adopted a new standard, The Auditor’s Report on an Audit of Financial Statements when the Auditor Expresses an Unqualified Opinion (PCAOB Release No. 2017-001). The Securities and Exchange Commission approved the standard on October 23, 2017. The Board adopted a phased approach to the effective dates for the new requirements. The final standard and amendments will take effect as follows: All provisions other than those related to critical audit matters will take effect for audits of fiscal years ending on or after December 15, 2017; and provisions related to critical audit matters will take effect for audits of fiscal years ending on or after June 30, 2019 for large accelerated filers; and for fiscal years ending on or after December 15, 2020 for all other companies to which the requirements apply.

PCAOB Release No. 2017-001 will become eligible for testing on the Uniform CPA Examination using a phased approach. All provisions other than those related to critical audit matters will be eligible for testing beginning on July 1, 2018. Provisions related to critical audit matters will be eligible for testing beginning on July 1, 2019.

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