PCAOB has adopted auditing standard six, dealing with evaluating consistency of financial statements
The Public Company Accounting Oversight Board (PCAOB) has voted to adopt auditing standard six, dealing with evaluating consistency of financial statements and an accompanying set of amendments to the board's interim auditing standards, which if approved by the Securities and Exchange Commission (SEC), will become effective 60 days after SEC approval.
The board adopted the standard and amendments in light of the Financial Accounting Standards Board's (FASB) release of ‘statement of financial accounting standards’ (SFAS) 154, ‘accounting changes and error corrections’, and soon-to-be release of ‘statement of financial accounting standards’, ‘the hierarchy of generally accepted accounting principles’.
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