The Public Company Accounting Oversight Board
(PCAOB) is seeking feedback on its proposed audit standard on
confirmation.

The PCAOB said the new standard would
strengthen the requirements and replace the current audit
confirmation standard AU section 330.

“The proposed new standard would offer more
explicitly incorporate consideration of the risk of material
misstatement due to error or fraud into the selection, design, and
performance of confirmation procedures,” PCAOB acting chairman
Daniel Goelzer said.

If the PCAOB does adopt the auditing standard
it will still be subject to approval from the US Securities and
Exchange Commission.

The deadline for public comment is 13
September 2010.

 

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PCAOB consider audit standard on confirmation