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NOCLAR Has Only Been Put on Hold.

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Bibliographische Detailangaben
Titel: NOCLAR Has Only Been Put on Hold.
Autoren: Bass, Stuart (AUTHOR), Burke, Jacqueline A. (AUTHOR), Polimeni, Ralph S. (AUTHOR)
Quelle: CPA Journal. Jul/Aug2025, Vol. 95 Issue 7/8, p12-16. 5p. 1 Diagram.
Schlagwörter: *NONCOMPLIANCE, *ACCOUNTANTS, *ACCOUNTING education, *AUDITING fees, *GOVERNMENT regulation, *AUDITORS, *ACCOUNTING standards
Firma/Körperschaft: PUBLIC Company Accounting Oversight Board
Abstract: The article discusses the Public Company Accounting Oversight Board's (PCAOB) controversial proposal, PCAOB Release 2023-003, which aims to expand auditors' responsibilities regarding a company's noncompliance with laws and regulations (NOCLAR). While investors generally support the proposal, it has faced significant criticism from auditors and corporate leaders, leading to its temporary hold following the 2024 federal election. The proposed standard would require auditors to identify a wide range of legal noncompliance, significantly increasing their responsibilities and potentially raising audit costs. Additionally, the article highlights the implications for accounting education and the CPA Exam, suggesting that current curricula may not adequately prepare future accountants for the legal complexities introduced by NOCLAR. [Extracted from the article]
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Datenbank: Business Source Index
Beschreibung
Abstract:The article discusses the Public Company Accounting Oversight Board's (PCAOB) controversial proposal, PCAOB Release 2023-003, which aims to expand auditors' responsibilities regarding a company's noncompliance with laws and regulations (NOCLAR). While investors generally support the proposal, it has faced significant criticism from auditors and corporate leaders, leading to its temporary hold following the 2024 federal election. The proposed standard would require auditors to identify a wide range of legal noncompliance, significantly increasing their responsibilities and potentially raising audit costs. Additionally, the article highlights the implications for accounting education and the CPA Exam, suggesting that current curricula may not adequately prepare future accountants for the legal complexities introduced by NOCLAR. [Extracted from the article]
ISSN:07328435