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Sarbanes-Oxley News & Developments
Documentation Rules Could Create Litigation ExposureNew rules proposed by the PCAOB require auditors to document their work.
> > Auditors will be required to document their work and justify their conclusions. This could create new litigation exposure for accountants, warned representatives of the American Accounting Association Auditing Section. The proposal was advanced by the PCAOB late last year in response to provisions of the Sarbanes-Oxley Act directing the PCAOB to develop standards requiring public accounting firms to prepare and maintain for at least seven years audit documentation -in sufficient detail to support their conclusions- in an auditor report.
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Source: PCAOB
Published:2004-01-19
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