Washington, D.C. - The Public Company AccountingOversight Board has scheduled an open meeting for Thursday in order to considerreproposing certain auditing standards and related amendments.
The standards, originally proposed in October 2008, wouldrevise the requirements for assessing and responding to risk during an audit.
The original proposal was a bloc of seven new auditingstandards that were designed to provide direction on audit procedures performedthroughout the audit, from the initial planning stages through the evaluationof 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 MaterialMisstatement;
The Auditor's Responses to the Risks of MaterialMisstatement;
Evaluating Audit Results;
Consideration of Materiality in Planning and Performingan Audit; and,
The meeting is open to the public and will take place inthe 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(www.pcaobus.org), and available via podcast later in the day.
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