The Public Company Accounting Oversight Board has voted to issue for public comment a proposed auditing standard on related-party transactions, and to amend standards on significant unusual transactions and auditors of broker-dealers.
The proposed auditing standard on related parties aims to improve the auditor’s evaluation of a public company’s identification of, accounting for, and disclosure about its relationships and transactions with related parties (see PCAOB Mulls Standard for Auditing Related-Party Transactions). The PCAOB is also proposing amendments with the goal of enhancing the auditor's identification and evaluation of a company's significant unusual transactions that are outside the normal course of business or otherwise appear to be unusual due to their timing, size or nature.
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