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Sarbanes-Oxley News & Developments
PCAOB Briefing From November 12, 2003 Public Meeting Of The BoardProposed amendment to auditing standards.
> > At its public meeting on November 12, 2003, the PCAOB (the Board) will consider whether to propose, and seek comment on, an auditing standard, Audit Documentation, and a proposed amendment to interim auditing standards. This briefing paper highlights the more significant requirements in the proposed auditing standard and the related amendment.
Auditors support the conclusions in their reports with a work product commonly referred to as work papers or audit documentation. Audit documentation is not merely a natural by-product of the audit process - it is an integral part of a quality audit. That is, the work papers document not only the nature, timing and extent of the work performed, but also the professional judgements made by members of a well-trained audit engagement team.
Section 103(a)(2)(A)(i) of the Sarbanes-Oxley Act of 2002 expressly directs the Board to establish auditing standards that require registered public accounting firms to prepare and maintain, for at least seven years, audit documentation - in sufficient detail to support the conclusions reached -.
Source: PCAOB
Published:2003-11-18
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