The Public Company Accounting Oversight Board this week voted to adopt Auditing Standard No. 6 – Evaluating Consistency of Financial Statements – and an accompanying set of amendments to the board’s interim auditing standards.
The PCAOB’s adoption comes after the Financial Accounting Standard Board’s issuance of Statement of Financial Accounting Standards No. 154 – Accounting Changes and Error Corrections – and the impending issuance of Statement of Financial Accounting Standards, The Hierarchy of Generally Accepted Accounting Principals (GAAP).
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