PCAOB will propose changes to auditing standards

  • PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

31 Mar 2007

The United States Public Company Accounting Oversight Board will meet on 3 April 2007 to consider, among other things:

  • Consistency. Proposing an auditing standard Evaluating Consistency of Financial Statements and related amendments to the Board's existing standards on the auditor's responsibilities to evaluate and report on matters relating to the consistency of the financial statements
  • GAAP hierarchy. Proposing amendments to the PCAOB's existing auditing standards that would remove the hierarchy of generally accepted accounting principles from the auditing standards in light of the proposal by the Financial Accounting Standards Board to place the hierarchy in the accounting standards. The US 'GAAP hierarchy' is similar in nature to the guidance on selection and application of accounting policies in paragraphs 7-12 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Click for PCAOB Press Release (PDF 36k).

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