The Public Company Accounting Oversight Board plans to consider adopting an auditing standard on evaluating the consistency of financial statements at a meeting on Tuesday.
The board will also consider related amendments to its interim standards regarding the auditor's responsibilities to evaluate and report on matters relating to the consistency of the financial statements.
In addition, the PCAOB plans to consider adopting amendments to its interim standards related to the hierarchy of generally accepted accounting principles. The board proposed in April 2007 changes to its auditing standards in light of the Financial Accounting Standards Board's issuance of Statement of Financial Accounting Standards No. 154, "Accounting Changes and Error Corrections," as well as its Proposed Statement of Financial Accounting Standards, "The Hierarchy of Generally Accepted Accounting Principles."
The board's proposed standard and related amendments to the board's interim standards establish requirements for the auditor's evaluation of the consistency of financial statements, in light of the new accounting standard. The board also proposed to remove the hierarchy of generally accepted accounting principles from its interim standards in light of the FASB proposal to incorporate the hierarchy into the authoritative accounting literature. This hierarchy currently resides only in the auditing standards.
The meeting will take place on Tuesday, Jan. 29, at 9:30 a.m., in the PCAOB's open meeting room at 1666 K St. NW, Washington, D.C. The meeting will be open to the public and Webcast via a link on the PCAOB's Web site (www.pcaobus.org) that will be made available the day of the meeting. The meeting also will be available via podcast later in the day.
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