Today The Public Accounting Oversight Board released a proposal to re-organize their official auditing standards. The document is open to public comment, and a meeting was held early this morning to begin the process.
The PCAOB has released Audit Standard No. 16 - Communications with Audit Committees. This new standard is designed to establishe requirements that enhance the relevance, timeliness, and quality of the communications between the auditor and the audit committee. This new standard supersedes Interim Standards AU sec. 380 (Communication with Audit Committees) and AU sec. 310 (Appointment of the Independent Auditor), the transitional amendments to AU sec. 380, and related amendments to PCAOB standards.
There was a new PCAOB alert today that everyone should know about. Here are the details:
Let's just get down to the skinny of it, audits in any form are painful. We get that.
Internal controls are often considered a necessary evil by finance executives and board members. And it's true that with so many strategic issues to address, it can be challenging to carve out the time and attention to ensure that internal controls are in place, designed appropriately, and operating effectively.