PCAOB sets 2006 priorities.The PCAOB PCAOB Public Company Accounting Oversight Board and its Standing Advisory Group has unveiled a series of topics it will consider as candidates for auditing and related professional practice standards in 2006. They include: * Engagement quality review; * Fraud, including related parties and confirmations; * Communications with audit committees; * Principles of reporting, including the meaning of "present fairly in conformity with GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ," consistency of GAAP application, and adequacy of financial statement disclosure; * Fair value, including the use of specialists; * Risk assessment, including audit planning and procedures, as well as evaluating audit findings; * Quality control, including independence quality controls; and * Codification The collection and systematic arrangement, usually by subject, of the laws of a state or country, or the statutory provisions, rules, and regulations that govern a specific area or subject of law or practice. of PCAOB standards/authority of PCAOB interim standards. For more, visit www.pcaob.org/News_and_Events/News/2005/10-05.aspx. bankruptcies: The nation's bankruptcy courts bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. processed a record 205,129 personal bankruptcy Personal bankruptcy is a procedure which, in certain jurisdictions, allows an individual to declare bankruptcy. In other jurisdictions, bankruptcies are reserved for corporations. filings from Oct. 10-14. - Lundquist Consulting |
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