In one fell swoop, the Public Company Accounting Oversight Board adopted a slate of new auditing standards that tell auditors how to assess risk, doubling the number of standards in the board’s rulebook.
The board adopted Auditing Standards No. 8 through No. 15, giving auditors a detailed roadmap for assessing and responding to the risks of material misstatements in financial statements. The standards address audit procedures to be performed throughout the audit, from planning through evaluation of audit results.
