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Sarbanes-Oxley News & Developments
PCAOB To Consider Two Auditing StandardsWhich would be an amendment to interim auditing standards.
> > The PCAOB has scheduled an open meeting for 10 a.m., Nov. 12, 2003 in Washington, D.C. The Board is scheduled to consider whether to propose and seek comment on:
.A new auditing standard, and an amendment to an interim auditing standard, relating to audit documentation. This proposal would establish general requirements for documentation the auditor should prepare and retain in connection with any engagement conducted in accordance with auditing and related professional practice standards. The proposal would establish specific documentation requirements when a principal auditor relies on the work of other auditors.
.A new auditing standard to require registered public accounting firms to make reference in their audit reports to the standards of the PCAOB. This change would reflect that auditors must now follow PCAOB standards in auditing public companies as required by the Sarbanes-Oxley Act of 2002.
.The Board will also consider proposing technical amendments to its rules relating to its interim standards.
The meeting is open to the public and will be webcast at www.pcaobus.org.
Source: PCAOB
Published:2003-11-11
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