PCAOB Proposes New Auditing Standard on Confirmation

PCAOB가 기업회계감사시 감사인이 사용하는 "조회" 절차에 대한 기존의 기준 (AU 330) 을 강화하고 현대화하는 새로운 감사기준을 제안했으며 9월 13일까지 그에 대한 공개의견을 묻는다는 내용 ...

The PCAOB today approved for public comment a proposed audit standard, Confirmation. The proposed standard would strengthen the requirements under the current auditing standard, AU sec. 330, The Confirmation Process, which it would replace. Comments are due Sept. 13, 2010.

"The proposal would modernize the confirmation standard and strengthen its requirements to better protect investors," said PCAOB Acting Chairman Daniel L. Goelzer. "The proposed new standard would also more explicitly incorporate consideration of the risk of material misstatement due to error or fraud into the selection, design, and performance of confirmation procedures."

On April 14, 2009, the PCAOB issued a concept release on possible revisions to the confirmation standard, which was written in the early 1990s. The PCAOB received 24 comment letters on the concept release. Additionally, revising the existing confirmation standard has been discussed with the PCAOB Standing Advisory Group.

"The proposed standard recognizes the importance of audit evidence obtained from independent third parties and, in doing so, strengthens and extends the requirements for using confirmations in the audit process," said PCAOB Chief Auditor and Director of Professional Standards Martin F. Baumann.

Any new auditing standard that is adopted by the PCAOB will be submitted to the Securities and Exchange Commission for approval.

Click here to download the exposure draft.