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SEC approves new PCAOB audit standards

Hands, accountant and woman with document for finance, tax or audit in business office.
Photo: DMP/Getty Images

Approved changes include updates to auditing standards and a critical rule change that will lower the standard of culpability for individual misconduct.

The SEC has approved the Public Company Accounting Oversight Board’s (PCAOB) “proposals updating audit standards regarding general responsibilities of the auditor and use of technology-assisted analysis in conducting an audit.”

Pursuant to Section 107(b)1 of the Sarbanes-Oxley Act of 2002, SEC approval is required for the auditing oversight company’s