AICPA submits recommendations to PCAOB on confirmation process.The Auditing Standards Board In the United States, the Auditing Standards Board (ASB) is the senior technical committee designated by the American Institute of Certified Public Accountants (AICPA) to issue auditing, attestation, and quality control statements, standards and guidance to certified public made recommendations to the Public Company Accounting Oversight Board The Public Company Accounting Oversight Board (or PCAOB) (sometimes called "Peekaboo") is a private-sector, non-profit corporation created by the Sarbanes-Oxley Act, a 2002 United States federal law, to oversee the auditors of public companies. in an effort to improve the confirmation process through revision to Statement on Auditing Standards No. 67. The ASB's recommended revision grew out of its consideration of Practice Alert 2003-1, "Audit Confirmations," and recommendations relevant to the use of confirmations in "The Panel on Audit Effectiveness, Report and Recommendations, August 31, 2000." Furthermore, the ASB ASB Asbestos ASB Arbeiter Samariter Bund (German medical help organisation) ASB Anti-Social Behaviour ASB Accounting Standards Board (UK FRC) ASB Aarhus School of Business recommended that research be undertaken to explore whether there are more effective means of obtaining corroborating evidence corroborating evidence n. evidence which strengthens, adds to, or confirms already existing evidence. than the confirmation process. The AICPA AICPA See American Institute of Certified Public Accountants (AICPA). noted a disturbing trend in public companies failing to respond to auditors via confirmation because Section 303 of the Sarbanes-Oxley Act may hold them liable for errors. This growing trend could be damaging to the auditor's evidence-gathering process. To read the comment letter and issues paper, visit https://www.aicpa.org/members/div/auditstd/ recs_to_pcaob.asp. |
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