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

Click-through nexus: Pushing the boundaries of sales tax compliance

Sales and use tax compliance has been complicated by nexus expansion. In this report, we provide an overview of this issue and include a handy state-by-state summary of click-through nexus or notification requirements.

QUIZ

News quiz: Making allowances for the kids and the economy

Recent news gives CPAs insight into Americans’ attitudes about children and money and gauges outlook on the economy. See how much you know about recent news and reports with this quiz.

CHECKLIST

Auditing risks in culture

Cultural flaws can seriously damage an organization. Here’s how internal auditors can reduce risks by embedding culture audits into existing audit programs.