Tuesday, October 23, 2007 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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