Auditing and Financial Management:
May 18, 2007, letter commenting on PCAOB Release No. 2007-003--Proposed Auditing Standard--Evaluating Consistency of Financial Statements and Proposed Amendments to Interim Auditing Standards
Published: May 18, 2007. Publicly Released: May 18, 2007.
This letter provides the U.S. Government Accountability Office's (GAO) comments on the Public Company Accounting Oversight Board's (PCAOB) proposed new auditing standard and amendments to its interim auditing standards. GAO commend the PCAOB for its efforts to better align its auditing standards with the new accounting standards issued by the Financial Accounting Standards Board (FASB). While GAO agree with the board's efforts, it continue to have serious concerns about its approach to updating its interim standards.