PCAOB 1 References in Auditors' Reports to the Standards of the Public Company Accounting Oversight Board

This chapter begins with definition of the term auditor in the Public Company Accounting Oversight Board (PCAOB) 1 standard. It describes the fundamental requirements of the standard. When an engagement is performed in accordance with the standards of the PCAOB, and the auditor is required by the interim standards to refer in a report to generally accepted auditing standards, US generally accepted auditing standards (GAAP), auditing standards generally accepted in the United States of America, or standards established by the American Institute of Certified Public Accountants (AICPA), the auditor must instead refer to “the standards of the PCAOB (United States).” The chapter provides illustrative reports on an audit of financial statements from PCAOB Standard 1, and on a review of interim financial information from PCAOB Standard 1.