PCAOB sets 2006 priorities.

• Position: PCAOB News

The PCAOB and its Standing Advisory Group has unveiled a series of topics it will consider as candidates for auditing and related professional practice standards in 2006. They include:

* Engagement quality review;

* Fraud, including related parties and confirmations;

* Communications with audit committees;

* Principles of reporting, including the meaning of "present fairly in conformity with GAAP," consistency of GAAP application, and adequacy of financial statement disclosure;

* Fair value, including the use of specialists;

* Risk assessment, including audit planning and procedures, as well as evaluating audit findings;

* Quality control, including...