Right now, when an auditor conducts an audit in accordance with the PCAOB standards and the audit is not within the jurisdiction of the PCAOB, the proposed amendments would clarify the AICPA Code of Professional Conduct requires the auditor also to comply with generally accepted auditing standards (GAAS) in the conduct of the audit.

It would also require that when the auditor plans to refer to PCAOB standards in addition to GAAS in the auditor's report, the auditor should use the report layout and wording specified by the PCAOB's auditing standards, amended to indicate that the audit also was conducted in accordance with GAAS.

An illustration and application material, including example of entities that are not within the jurisdiction of the PCAOB, are included in the exposure draft. Details on the proposed amendments are available on the AICPA website.