Priorities of the PCAOB for 2008
19 Oct 2007
At yesterday's meeting of the Standing Advisory Group of the US Public Company Accounting Oversight Board, PCAOB Chief Auditor Thomas Ray outlined the PCAOB's Standard-setting Priorities for 2008.
Those priorities include:
- Effective implementation of the internal control provisions of the Sarbanes-Oxley Act
- Finalise proposed rules on auditor independence and prohibited services
- Finalise proposed rules on evaluating consistency of financial statements
- Auditing standard on engagement quality review
- Auditing standard on risk assessment, including fraud risk assessment
- Issues relating to auditing fair value estimates
- Potential standards projects on auditor use of specialists, related parties, and confirmations
- Action plan for review of 'Interim Standards' (old AICPA standards that were initially adopted by the PCAOB)
Click for PCAOB's Standard-setting Priorities for 2008.
