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ARTICLE · 23 JULY 2014

PCAOB Adopts Auditing Standard And Amendments

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On 10 June 2014, the Public Company Accounting Oversight Board adopted a new auditing standard and amendments to its auditing standards.

United StatesAccounting and Audit
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On 10 June 2014, the Public Company Accounting Oversight Board ("PCAOB") adopted a new auditing standard and amendments to its auditing standards to strengthen auditor performance requirements in the following three areas that historically have represented increased risks of material misstatement in company financial statements:

  • related party transactions;
  • significant transactions that are outside the normal course of business for the company or that otherwise appear to be unusual due to their timing, size, or nature; and
  • financial relationships and transactions with its executive officers.

The guidelines are available at:

http://pcaobus.org/Rules/Rulemaking/Docket038/Release_2014_002_Related_Parties.pdf

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