Saturday, November 24, 2007

New guidance paper “Managing the Business Risk of Fraud: A Practical Guide” released for comments

The ACFE, AICPA, and IIA have released an exposure draft of a joint project regarding guidance to organizations on establishing an approach to managing the risk of fraud. The paper will be open for comment through December 21, 2007 with a final version of the paper due out in January 2008. Comments on the draft paper can be sent to fraudguidance@theiia.org. Click here to read the exposure draft.

New guidance paper “Managing the Business Risk of Fraud: A Practical Guide” released for comments

Labels: acfe, AICPA, fraud, fraud assessment, iia

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Tuesday, October 23, 2007

PCAOB Urged to Take a 'Clean Sheet' Approach to Standard Setting Priorities at Oct. 17 SAG Meeting

Yesterday, the PCAOB's Standing Advisory Group (SAG) discussed the PCAOB’s standard-setting priorities for the upcoming year. The SAG also discussed the impact on auditing standards of IFRS filings in the U.S., a PCAOB staff study of the impact of restatements on the market in the post Sarbanes-Oxley period, and continued to discuss implications of the subprime crisis as an ‘emerging issue.’

SAG members were concerned that items on PCAOB's priorities list from prior years remain uncompleted. They also asked if the PCAOB had sufficient resources to complete their projects. Some noted the PCAOB had become a follower rather than a leader, and suggested the PCAOB try to leverage off work being done by the AICPA's Auditing Standards Board (ASB) and the International Auditing and Assurance Standards Board (IAASB) where those groups were ahead of the PCAOB on certain standards.

PCAOB Urged to Take a 'Clean Sheet' Approach to Standard Setting Priorities at Oct. 17 SAG Meeting

Labels: AICPA, ASB, FEI, IAASB, IFRS, pcaob, sarbanes oxley

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