The Public Company Accounting Oversight Board has decided to re-propose seven auditing standards and amendments that would change the requirements for assessing audit risks.
The PCAOB had initially proposed the standards in October 2008, but has revised them in response to the comments it received and again opened them for comment (see PCAOB Proposes Standards for Audit Risk and PCAOB to Consider Re-proposal on Risk Assessment Standards). Like the original proposal, the re-proposed standards would establish requirements for procedures performed throughout an audit, from the initial planning stages through the evaluation of the audit results to form the opinion in the auditor's report.
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