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PCAOB Alert On Current Econ. Env.; Inspection Reports

Dec 8th 2008
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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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