Financial Reporting Blog

Page Action:

Leap Day Special: PCAOB Repropose Standard on Communications With Audit Committees

Get ready to send comments on or before 'leap day' (Feb. 29, 2012) on PCAOB's reproposed standard on Communications with Audit Committees. The PCAOB board approved the release of the reproposed standards at an open board meeting this morning.

As noted in PCAOB's press release:

Like the original proposal, the reproposed standard would establish requirements that enhance the relevance and quality of the communications between the auditor and the audit committee.

The reproposed standard, in addition, would better align the communication requirements with performance requirements in other PCAOB standards, including the implementation of the risk assessment standards (Auditing Standard Nos. 8-15) that became effective in December 2010. It also would include changes made in response to comments received on the original proposal and other refinements.

Preparers, auditors, audit committee members, board members generally, investors and others should take a look at this proposal and consider filing a comment letter. The comment letter process helps the PCAOB (and other standard-setting organizations like FASB, SEC and quasi-standard setting organizations like COSO - see our post yesterday on COSO's Exposure Draft of its internal control framework) - to issue standards with improved practicality and a stronger theoretical basis.

Watch for the posting of the reproposed standard, and related documents on the PCAOB's website, here and here.

Posted: 12/20/2011 11:48:53 AM by Edith Orenstein | with 0 comments
Filed under: committees,communications,coso,day,Leap,PCAOB,with,audit


Trackback URL: http://www.financialexecutives.org/KenticoCMS/trackback/7eb1d037-6f94-4bcd-b614-6c58cd08160b/Leap-Day-Special--PCAOB-Repropose-Standard-on--Communications-With-Audit-Committees.aspx

Comments
Blog post currently doesn't have any comments.

Subscribe to Financial Reporting Blog

Submit your email address to receive notifications of new posts by email.

Search Blog:

 
clear results Rss

Archives

Skip Navigation Links.
Expand 20132013
Skip Navigation Links.
Expand 20122012
Skip Navigation Links.
Expand 20112011
Skip Navigation Links.
Expand 20102010
Skip Navigation Links.
Expand 20092009
Skip Navigation Links.
Expand 20082008

DISCLAIMER

Unless specifically noted, the materials posted on this weblog do not represent the views of FEI, its officers, directors, agents, employees or members.

Watch the FEI Blog's Music Video on YouTube:

ABOUT THE AUTHOR

Edith Orenstein