Based on initial comments to seven proposed standards on assessing and responding to risk, the Public Company Accounting Oversight Board has reworked the package and is asking for public comment on the revisions.
The board unanimously approved the revisions suggested by the staff of Chief Auditor Marty Baumann and agreed to put them out for a 75-day comment period. According to Dan Goelzer, acting chairman of the PCAOB, the revised standards are “not fundamentally different in approach” from the original seven proposed standards, but they provide for numerous enhancements and clarifications.
