The PCAOB on Dec. 17 voted to repropose for comment seven auditing standards and related amendments that collectively would revise the requirements for assessing risk in an audit.


The PCAOB initially proposed the standards on Oct. 21, 2008. The reproposed standards include changes made in response to comments received on the original proposal and other refinements. Like the original proposal, the reproposed standards would establish requirements for audit procedures performed throughout the audit, from the initial planning stages through the evaluation of the audit results in forming the opinion in the auditor’s report.


Comments on these reproposed standards are due March 2.


The proposing release, text of the reproposed auditing standards, and related amendments to PCAOB standards are available on the PCAOB Web site under Rulemaking Docket no. 026.


  The AICPA-affiliated Center for Audit Quality submitted a comment letter to the SEC on the PCAOB’s Proposed Rules on Auditing Standard no. 7, Engagement Quality Review (EQR) and Conforming Amendment.


“We strongly support auditing standards that promote audit quality and believe that a robust and effective EQR that focuses on significant judgments made and the related conclusions reached by the engagement team furthers that purpose,” CAQ Executive Director Cindy Fornelli wrote. “We believe that compared to the original proposal and the revised proposal, the PCAOB standard more appropriately defines the requirements of the EQR.”


The Nov. 25 letter offers observations and concerns on two topics in particular: due professional care and documentation of an EQR.


The full text of the letter is available at



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