PCAOB audit standard addresses related-party, exec transactions

06/10/2014 | Accounting Today · Compliance Week

The Public Company Accounting Oversight Board has adopted a standard that calls on auditors to pay attention to a company's financial relationships and transactions with its executives. The standard also directs auditors to focus on related-party transactions and significant unusual transactions. The PCAOB says it is implementing the standard because such transactions and relationships can increase the risk of material misstatement.

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Accounting Today · Compliance Week

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