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Audit rules get revamp

www.pacbiztimes.com

Get ready to spend some extra time with your auditor in 2008.

New standards from the American Institute of Certified Public Accountants, or AICPA, require auditors to have a much more thorough understanding of their clients’ procedures and risks.

That means audits of private companies, not-for-profits and local and state government organizations are going to take longer and, yes, cost more.

The eight statements issued by the AICPA in 2006 are known collectively as Risk Assessment Standards, and they go into effect at the end of any fiscal year that beginning in 2007.

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