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PCAOB Unveils Seven Risk Standards for Auditors

Tammy Whitehouse | October 21, 2008

After years of planning and mulling how to do it, U.S. audit regulators are proposing seven new standards and an armload of related rule changes to tell auditors how to assess risk of misstatement in financial statements and what to do about it when they spot it.

If approved, the weighty package would more than double the number of auditing standards that the Public Company Accounting Oversight Board has so far developed in its five-year existence. The seven risk standards would replace a host of interim standards the board inherited (AU Sections 311, 312, 313, 319, 326) when it was established as part of Sarbanes-Oxley.

Olson“Some of...

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