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Heads Up on PCAOB confirmation proposals

  • Heads Up Image

27 Jul 2010

Further to our story of 13 July, Deloitte (United States) has published a new Heads Up newsletter (PDF 128k) discussing the United States Public Company Accounting Oversight Board (PCAOB) proposed auditing standard, Confirmation (Release No. 2010-003).

The proposed standard would supersede PCAOB AU Section 330, The Confirmation Process, which establishes the requirements for and provides guidance on the confirmation process in audits.

An extract from the newsletter:

It appears likely that the provisions in the proposed standard expanding required confirmation procedures will result in (1) an overall increase in confirmation requests being sent by auditors and therefore needing to be responded to by confirming parties and (2) requests being made of confirming parties for confirmation of data or information that may not have been historically requested.

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