US auditing standards relating to risk assessment are to be overhauled
following a vote by the Public Company Accounting Oversight Board.
The seven new proposed standards will replace the board’s current interim
auditing standards and would establish requirements and provide direction on
audit procedures, from the initial planning stages through the evaluation of the
During the four month consultation period, stakeholders will have the
opportunity to comment on proposals relating to audit risk and materiality,
audit planning and supervision, consideration of internal control in an audit of
financial statements, audit evidence, and performing tests of accounts and
disclosures before year end.
‘An appropriate assessment of risk is the foundation of a high-quality
audit,’ said PCAOB chairman Mark Olson.
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