PCAOB Announces Public Meeting on Reproposal on Risk Assessment/Auditing Standards

According to WebCPA, the Public Company Accounting Oversight Board has scheduled an open meeting for Thursday December 17, 2009 in order to consider reproposing certain auditing standards and related amendments.

The standards, originally proposed in October 2008, would revise the requirements for assessing and responding to risk during an audit.

The original proposal was a bloc of seven new auditing standards that were designed to provide direction on audit procedures performed throughout the audit, from the initial planning stages through the evaluation of the audit results in forming the opinions in the auditor’s report.

Those proposed standards included:

• Audit Risk in an Audit of Financial Statements;

• Audit Planning and Supervision;

• Identifying and Assessing Risks of Material Misstatement;

• The Auditor’s Responses to the Risks of Material Misstatement;

• Evaluating Audit Results;

• Consideration of Materiality in Planning and Performing an Audit; and,

• Audit Evidence.

The meeting is open to the public and will take place in the board’s meeting room at 1666 K St. N.W., Washington, D.C.

It also will be webcast via a link on the PCAOB Web site and available via podcast later in the day.


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