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AUDITING

PCAOB to consider related-parties re-proposal

 

By Ken Tysiac
May 2, 2013

The PCAOB will meet Tuesday to consider re-proposing an auditing standard on related parties.

PCAOB member Jay Hanson said Thursday that the board is making the second proposal in response to comments it received on the first proposal, which was made Feb. 28, 2012.

More comments will be sought on the Related Parties standard if the re-proposal is approved.

The re-proposed standard and amendments would change requirements for auditor performance in areas that could pose significant risks of material misstatement in company financial statements.

In addition, the PCAOB will consider related amendments, including those regarding significant unusual transactions.

The meeting, scheduled for 9:30 a.m. Tuesday, will be webcast on the PCAOB website.

Ken Tysiac (ktysiac@aicpa.org) is a JofA senior editor.

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