The American Institute of CPAs' Auditing Standards Board is poised to issue an exposure draft of five proposed statements and amendments to statements relating to auditors' risk assessment.
If adopted, the changes will result in more in-depth understanding of companies, their internal controls and their risks of material misstatements. They will also strengthen the link between assessed risks and the audit process. Depending on public comments on the exposure drafts, the final issuance of new standards - which could number as many as seven, depending on how the board decides to delineate the statements - is expected by the end of 2005.
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