The Public Company Accounting Oversight Board posted a new knowledge check on Feb. 27 designed to help auditors gauge their understanding of important aspects of the board’s new confirmation standard—AS 2310, The Auditor’s Use of Confirmation.
Approved by the board in September 2023, the new standard replaced an interim standard, AS 2310, The Confirmation Process, and is effective for audits of financial statements for fiscal years ending on or after June 15, 2025.
This knowledge check, or informal quiz, highlights key parts of the new confirmation rules.
The PCAOB reiterated Thursday that the results of knowledge checks are anonymous and its staff doesn’t intend to make them public or to use them in the board’s oversight activities.
Most recently, the PCAOB posted a knowledge check related to its new quality control standard—QC 1000, A Firm’s System of Quality Control.
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Tags: Accounting, Auditing, auditing standards, auditors, PCAOB
