PCAOB to consider related-parties re-proposal

BY KEN TYSIAC

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.

SPONSORED REPORT

Keeping client information safe in an age of scams and security threats

A look at the Dirty Dozen tax scams and ways to protect taxpayer information.

TAX PRACTICE CORNER

More R&D tax help

"Can I use the R&D credit?" PATH Act enhancements make the credit more attractive to a wider range of taxpayers.

QUIZ

News quiz: Tax-related data breach explained

News about a data breach that affected about 100,000 people, the IRS’s budget for the fiscal year, and the 2018 health spending account limits received attention recently. See how much you know with this short quiz.