The Public Company AccountingOversight Board hosts an open meeting tomorrow to consider adopting changes toits auditing standards.
The PCAOB proposed changing itsauditing standards last April after the Financial Accounting Standards Board’s(FASB) issued changes related accoungint standards pursuant to GenerallyAccepted Accounting Principles (GAAP).
The PCAOB’s proposed standardand related amendments establish requirements for the auditor’s evaluation ofthe consistency of financial statements, in light of the new accountingstandard. It also proposed to remove the hierarchy of generally acceptedaccounting principles from its interim standards in light of the FASB’s proposalto incorporate the hierarchy into the authoritative accounting literature. Thishierarchy currently resides only in the auditing standards.
The meeting will be open to the public and webcast via a link on www.pcaobus.org that will be made availble the day of the meeting.