PCAOB NOCLAR is necessary but not for the reasons you think

The proposal should be approved. It should not be necessary.

The PCAOB’s proposal, Amendments to PCAOB Auditing Standards related to a Company’s Noncompliance with Laws and Regulations, NOCLAR, is intended to be an update of existing auditing standard AS 2405, Illegal Acts by Clients.

I think the proposal should be approved. But it should not have been necessary. 

This PCAOB leadership team is proposing and approvi…