PCAOB proposes standards for assessing audit risk
22 Oct 2008
The US Public Company Accounting Oversight Board, which sets the standards for audits of companies registered with the SEC, has proposed a suite of seven new auditing standards related to the auditor's assessment of and responses to risk.
The proposed standards would supersede the Board's interim auditing standards related to audit risk and materiality, audit planning and supervision, consideration of internal control in an audit of financial statements, audit evidence, and performing tests of accounts and disclosures before year end. Click to download:
- PCAOB Proposing Release (Includes Proposed Standards) (PDF 518k).
- PCAOB Press Release (PDF 43k).
The proposed risk assessment standards are as follows:
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