PCAOB Proposes Amendments to Auditing Standards

The Public Company Accounting Oversight Board ("PCAOB") filed with the SEC proposed amendments to certain PCAOB auditing standards regarding significant unusual transactions and other amendments.

Additionally, the PCAOB requested the SEC's approval of the application of the proposed rules to audits of emerging growth companies ("EGCs"), as defined in Exchange Act Section 3(a)(80). The JOBS Act provides that any additional rules adopted by the PCAOB subsequent to April 5, 2012, do not apply to the audits of EGCs unless the SEC "determines that the application of such additional requirements is necessary or appropriate in the public interest, after considering the protection of investors, and whether the actions will promote efficiency, competition, and capital formation."