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PCAOB exposure draft on related parties and related amendments

  • PCAOB (US Public Company Accounting Oversight Board) Image

Mar 01, 2012

The PCAOB has released a proposed auditing standard on related parties.

The proposed standard is designed to improve the auditor's evaluation of a public company's identification of, accounting for, and disclosure about its relationships and transactions with related parties.

The Board also is proposing amendments to enhance the auditor's identification and evaluation of a company's significant unusual transactions, which are significant transactions that are outside the normal course of business or that otherwise appear to be unusual because of their timing, size, or nature. In addition, the Board is proposing amendments that, among other things, would improve the auditor's understanding of a company's financial relationships with its executive officers.

Comments on the proposed standard and related amendments are open until May 15, 2012. Click for the PCAOB's press release (link to the PCAOB's Web site).

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