Scott B. Price, CPA

PCAOB Adopts New Auditing Standards on Risk Assessment

August 6, 2010

(Source: PCAOB Washington, D.C., Aug. 5, 2010) The Public Company Accounting Oversight Board today adopted a suite of eight auditing standards related to the auditor's assessment of, and response to, risk in an audit.

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.

View the complete news release and the new set of Risk Assessment Standards here.