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PCAOB publishes new auditing standards on risk assessment

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

18 Jan 2011

The Public Company Accounting Oversight Board (PCAOB) today published eight auditing standards related to an auditor's assessment of and response to audit risk.

The eight standards are:
  • Auditing Standard 8 (AS No. 8) - Audit Risk
  • Auditing Standard 9 (AS No. 9) - Audit Planning
  • Auditing Standard 10 (AS No. 10) - Supervision of the Audit Engagement
  • Auditing Standard 11 (AS No. 11) - Consideration of Materiality in Planning and Performing an Audit
  • Auditing Standard 12 (AS No. 12) - Identifying and Assessing Risks of Material Misstatement
  • Auditing Standard 13 (AS No. 13) - The Auditor's Responses to the Risks of Material Misstatement
  • Auditing Standard 14 (AS No. 14) - Evaluating Audit Results
  • Auditing Standard 15 (AS No. 15) - Audit Evidence
The standards are approved by the Securities and Exchange Commission and become effective for audits of fiscal periods beginning on or after Dec. 15, 2010. Click here to view the Auditing Standards on the PCAOB website.


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