On May 7, 2014, the Public Company Accounting Oversight Board (PCAOB) issued a supplemental request for comment relating to its March 2013 Proposed Framework for Reorganization of PCAOB Standards. If adopted, the framework would reorganize all of the PCAOB's auditing standards into a topical structure with a single, integrated numbering system (to learn more about this proposed reorganization, see Legal Update, PCAOB Proposes Reorganization of Auditing Standards).

The supplemental request sets out the proposed amendments to PCAOB auditing standards and rules necessary to implement the proposed reorganization of the auditing standards. In addition, the supplemental request includes certain minor changes to the original proposal issued in March 2013. In conjunction with issuing the supplemental request, the PCAOB also released a demonstration version of the proposed reorganization to facilitate public review and comment.

The PCAOB has reopened the comment period and is accepting comments on the proposed framework and amendments until July 8, 2014.

To learn more about the PCAOB's auditing standards, see Practice Notes, Auditing: An Overview and Accounting, Auditing and Financial Reporting in the US: Governing Authorities.