Principal Drafter, New York State Society of CPAs, August 2024
We appreciate the opportunity to comment on PCAOB Release No, 2024-006 Proposed Auditing Standard – Designing and Performing Substantive Analytical Procedures and Amendments to Other PCAOB Standards (the “Release”).
We are generally supportive of the PCAOB’s efforts to create a framework that is scalable for application by firms of all sizes and the significant time and effort the PCAOB and its staff has devoted in developing the proposed standard with the ultimate goal of improving and modernizing its standard on substantive analytics.
We applaud the enhancement of the linkage between any procedures and the audit objectives that an auditor should respond to as part of its risk assessment process. We request that the PCAOB continue and enhance the use of substantive analytical procedures as long as the procedures can be reasonably linked to the specific objectives in the audit steps.
While we are generally supportive of the new standard, we would like to provide feedback for the PCAOB to consider in adoption of the final standard with respect to specific detailed questions addressed in the proposal:
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