PCAOB Adopts Auditing Standard and Amendments to Increase Auditor Focus on Areas Vulnerable to Material Misstatement
On June 10, 2014, the Public Company Accounting Oversight Board (“PCAOB”) adopted a new auditing standard, as well as amendments to its existing auditing standards, designed “to strengthen auditor performance requirements in three critical areas that historically have represented increased risks of material misstatement in company financial statements,” whether due to fraud or error.