17-05-2010
17-05-2010

Staff Audit Practice Alert No. 5, Auditor Considerations Regarding Significant Unusual Transactions

This alert, issued April 7, 2010, reminds auditors of public companies about their responsibilities to assess and respond to the risk of material misstatement of financial statements due to error or fraud posed by significant unusual transactions. Selected relevant requirements of existing PCAOB auditing standards regarding significant unusual transactions are compiled in the alert to assist auditors during their reviews of interim financial information and audits of financial statements, including integrated audits. The alert complements Staff Audit Practice Alert No. 3, “Audit Considerations in the Current Economic Environment,” issued in December 2008, as the staff believes the risk factors, including the risks of significant unusual transactions, discussed in that alert continue to exist today. PCAOB Staff Audit Practice Alert No. 5 can be viewed here.
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