US PCAOB priorities for 2009

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24 Oct 2008

The US Public Company Accounting Oversight Board (PCAOB) held its annual meeting with its Standing Advisory Council on 22-23 October 2008. At the meeting, the PCAOB chairman presented the Board's plans and priorities for 2009.

Click to download the PCAOB Report (PDF 31k).
PCAOB priorities for 2009 include:
  • Completing proposed auditing standards:
  • Projects on new or revised standards on:
    • Fair value measurements and specialists (very high priority, concept release before the end of 2008)
    • Confirmations
    • Related parties
    • Guidance for auditors of smaller companies relating to AS No. 5 (internal control audits)
    • Action plan for review of interim standards (AICPA standards that PCAOB adopted when it was formed)

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