Audit regulators plan to propose new standards in 2008 for how auditors should assess risk, including risk of fraud, as well as how to assess the work of specialists, including those helping with fair-value measurements.
The Public Company Accounting Oversight Board published an updated five-year strategic plan last week that says the board expects to propose the new standards this year and adopt them sometime in 2009. The board also expects to finalize this year a pending standard for how auditors should perform internal quality reviews on audit engagements and some lingering adjustments to auditor independence rules.
The board has long pondered whether and how to write a standard directing auditors on how to assess risk of misstatement, especially the risk of fraud. A report was published by the PCAOB in January 2007 describing how auditors could be more vigilant even within the context of existing standards to seek out... To get the full story, subscribe now.
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