PCAOB Unveils New Risk Assessment Standards

Law360 (October 21, 2008, 12:00 AM EDT) -- The Public Company Accounting Oversight Board put forward seven new auditing standards on Tuesday aimed at expanding and improving the existing framework for risk assessment.

The U.S. auditing industry watchdog's proposed standards are designed to build upon and strengthen the current ones by taking into account improvements in the method of assessing risk, better integrating the regulator's risk assessment standards with its standards for auditing internal control over financial reporting, and emphasizing that an auditor must consider the risk of fraud to be a central part...
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