PCAOB re-proposes auditing standard.

The Public Company Accounting Oversight Board re-proposed for public comment an auditing standard, Related Parties, and related amendments to other standards to address areas that have been contributing factors in a number of financial reporting frauds.

The re-proposed standard, I adopted, would increase the auditor's focus on the evaluation of a company's identification of, accounting for and disclosure of its relationships and transactions with related parties.

The re-proposed amendments, if adopted, would enhance the auditors identification and evaluation of a company's significant unusual transactions. They also would require that the auditor perform procedures, as part of the...