"Small business to face closer audit scrutiny" (March 16-April 5, 2009, page 5) stated that the Public Company Accounting Oversight Board issued new guidance for auditors that "effectively directs accountants to take a more skeptical, hard-nosed approach toward audits of their smaller clients."
Processing Content
However, the PCAOB points out that while the guidance is new, it reiterates an auditor's existing responsibilities under Auditing Standard No. 5 and other existing PCAOB standards. It does not create new requirements for audits of smaller companies.
(c) 2009 Accounting Today and SourceMedia, Inc. All Rights Reserved.
http://www.webcpa.com/ http://www.sourcemedia.com/
