The Public Company Accounting Oversight Board (PCAOB) updated their website today with the following announcement:

"PCAOB Reproposes Auditing Standards on Auditor Risk Assessment

Washington, DC, December 17, 2009 - The PCAOB today voted to repropose for comment seven auditing standards and related amendments that collectively would revise the requirements for assessing risk in an audit.

"A sound and sophisticated risk assessment is essential to performing an audit that affords investors reasonable assurance that financial statements are free of material error.  Therefore, these seven standards - once finalized - will serve as the bedrock for much of the Board's future standard setting," said Acting PCAOB Chairman Daniel L. Goelzer."

Read the full update by clicking here 

This is wonderful news and as many of you know, Vibato has the most comprehensive and affordable Risk Assessment offering on the market today.  For those of you who use a Risk Assessment, if it is taking you longer than one day to complete, please give us a call.  Also, for those of you who are interested, we offer nation-wide Risk Assessment seminars that will show you how to perform your own Risk Assessment and give you eight hours of CPE credits.  Feel free to contact us for more information.

Posted by:

Teresa Bockwoldt MBA, MST

CEO & Co-Founder

Vibato®, LLC

655 Montgomery Street, 5th Floor, Suite 540 San Francisco, CA 94111

Office: 415.240.4867 | Mobile: 707.477.0008 | Fax: 888.407.7725