New PCAOB Audit Risk Assessment Standards

Description

Accounting firms waited nearly two years for the long-awaited revisions to the PCAOB audit risk assessment standards. The recent release of Auditing Standards Nos. 8 through 15 completes that comprehensive overhaul, effective with audits of post-Dec. 15, 2010 periods.

The new standards, which supersede six interim PCAOB standards and associated AU sections, are of significant importance to firms that audit smaller public entities (particularly those not subject to Sarbanes-Oxley Sect. 404b) and firms needing to bridge the PCAOB and AICPA risk standards.

Outside auditors must intimately familiarize themselves with new guidelines governing their assessment of, and response to, risks of material misstatement in financial statements as well as procedures they follow from initial audit planning through evaluation of audit results.

Listen as our panel of experienced audit specialists explains and analyzes the new PCAOB audit risk assessment standards, both reviewing technical terms and presenting application scenarios.

Outline

1. Background
   1. Standards initially proposed in October 2008
   2. Extensive comment periods and revisions
   3. Replace six PCAOB interim standards and related amendments
2. Details of new standards
   1. Effective for audit periods starting on or after Dec. 15, 2010
   2. AS No. 8 on audit risk
   3. AS No. 9 on audit planning
   4. AS No. 10 on supervising the audit engagement
   5. AS No. 11 on considering materiality in planning and performing an audit
   6. AS No. 12 on identifying and assessing risks of material misstatement
   7. AS No. 13 on auditor responses to risks of material misstatement
   8. AS No. 14 on evaluating audit results
   9. AS No. 15 on audit evidence
3. Likely compliance scenarios under new standards
   1. Audits of smaller public entities not currently falling under SOX Sect. 404b
   2. Bridging to audit firm’s approach under AICPA risk standards

Benefits

The panel will explore these and other important subjects:

• Material changes between the new PCAOB risk standards and the previous versions.
• Similarities and differences between the PCAOB and AICPA risk standards.
• Meeting the new PCAOB standards in audits affected for the first time.
• Fusing compliance with those standards into your firm's existing audit risk approach.

Upon completion of this webinar, you will be intimately familiar with the material terms of PCAOB Auditing Standards Nos. 8 through 15 and have considered likely audit risk scenarios that will arise.

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