PCAOB Alert On Current Econ. Env.; Inspection Reports

Posted by accountingweb on Dec 8 2008 704 printer friendly

By Edith Orenstein, FEI Financial Reporting Blog -
On Friday, the Public Company Accounting Oversight Board announced that it had issued Staff Audit Practice Alert No. 3, Audit Considerations in the Current Economic Environment, which addresses six matters:

1. Overall audit considerations
2. Auditing fair value measurements
3. Auditing accounting estimates
4. Auditing the adequacy of disclosures
5. Auditor’s consideration of a company’s ability to continue as a going concern
6. Additional audit considerations for selected reporting areas.

Read more about the PCAOB's Alert and inspection reports issued last week by the PCAOB here.

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FEI Financial Reporting Blog provides highlights from SEC, PCAOB, FASB, IASB, and other regulatory news, including reporting under Sarbanes-Oxley Sect 404. It is written by Edith Orenstein, Director of Technical Policy Analysis at FEI

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