When hunting down problems in the financial statements of non-public-issuers, the new strictures will deploy a ''rifle'' rather than a ''shotgun.''
Jumping on the current bandwagon promoting greater auditor efficiency, the American Institute of Certified Public Accountants has approved eight new "Risk Assessment Standards" for the audits of private companies and non-profit organizations.
The new standards, which the AICPA will make available March 8, will require auditors to use a "rifle" approach to detecting problems in the financial statements of non-public-issuers, rather than a scattershot, "shotgun" attack, says Chuck Landes, the association's vice president of professional standards and services.
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