Wednesday, June 22, 2011

PCAOB and new TESTABLE standards starting July 2011

As you all know.... LOL....On August 5, 2010, the PCAOB adopted eight auditing standards related to the auditor’s assessment of and response to risk in an audit. These standards were approved by the SEC on December 23, 2010. Auditing Standards No.8 – No. 15 are effective for audits of fiscal periods beginning on or after December 15, 2010 and are testable on the CPA exam starting on July 1, 2011.From the PCAOB website: 
"...The suite of risk assessment standards, Auditing Standards No. 8 through No. 15, sets forth requirements that enhance the effectiveness of the auditor's assessment of, and response to, the risks of material misstatement in the financial statements.
The risk assessment standards address audit procedures performed throughout the audit, from the initial planning stages through the evaluation of the audit results..."

Good idea to brush up on those and check your Review Course provider for updates.  If you are a Becker student, start with the Knowledge base:

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