(The news featured below is a selection from the news covered in the Federal Securities Report Letter, which is distributed to subscribers of the Federal Securities Law Reports.)

SEC Approves PCAOB Organization, Interim Standards

The SEC determined that the Public Company Accounting Oversight Board was appropriately organized and has the capacity to carry out the requirements of the Sarbanes-Oxley Act. The SEC acted pursuant to Section 101(d) of the Sarbanes-Oxley Act, which requires SEC approval of the organization of the PCAOB and a determination by the Commission that the board has the capacity to enforce compliance with the act by registered public accounting firms.

The Commission also approved the adoption of several existing professional standards on an interim basis by the board (¶86,909 ). These standards, concerning audit performance, attestations, quality control and independence, will govern professional conduct until the board establishes its own standards. The interim standards became effective upon SEC approval.

¨ Release No. 33-8222 is reported at ¶86,910 and Release No. 33-8223 is reported at ¶86,911 .