Earlier today (January 18), the PCAOB published final Auditing Standards No. 8-15 on the auditor's assessment of, and response to risk, and related amendments to existing standards.
These final standards were approved by the SEC on Dec. 23, 2010,
following the SEC's Notice and Comment period, and approval thereafter by the Commission. This procedure, in effect a secondary level approval process after approval of auditing standards by the PCAOB board, was set forth in the Sarbanes-Oxley Act.
The final standards published by the PCAOB on January 18 include:
PCAOB Staff Audit Practice Alert 7 on Litigation