ABA Urges Restraint in PCAOB Proposal

By Mike Gullette

ABA recently urged the Public Company Accounting Oversight Board to emphasize enforcement of current audit requirements relating to the work of specialists, rather than creating new auditing standards. The PCAOB proposal, which would apply to audits of SEC-registered companies, could significantly expand required auditing procedures over work critical to bank operations, such as work performed by property appraisers, valuation experts, and asset/liability management consultants.

Noting existing regulator-mandated procedures over model risk and vendor management, as well as the standard periodic bank examination process, ABA also recommended that these processes should further mitigate the need for any further audit procedures.

About Michael Gullette

Michael Gullette
Michael Gullette is vice president for accounting and financial management policy at ABA.