PCAOB sets ambitious 2005 agenda

California CPA, Jan-Feb, 2005

The PCAOB has set an aggressive agenda for 2005, with as many as 11 new auditing standards in the works.

The top priority for the year is setting ground rules governing the ability of accountants to offer tax services to their audit clients.

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Among other topics, the board is considering proposed auditing standards relating to:

* Detection of and reporting on financial fraud;

* The relative authority of auditing guidance in the PCAOB's interim auditing standards;

* Communications with audit committees;

* Engagement quality review;

* Auditing related-party transactions;

* Consistency of application of generally accepted accounting principles; and

* Use of confirmations in an audit.

For more, visit www.pcaobus.org/News_and_Events/News/2004-11-17.asp.>

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