(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.)
Commission Publishes
PCAOB Audit Documentation Standard for Comment
The SEC published an audit standard adopted by the Public Company Accounting
Oversight Board on audit documentation and an amendment to interim auditing
standards for public comment. The rules implement Section 103(a)(2)(A)(i)
of the Sarbanes-Oxley Act, which requires 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 in the auditor's report. Comments are
due to the SEC by August 10, 2004. Rules adopted by the PCAOB are not effective
until approved by the SEC.
¨ Release No. 34-50012 will be published in a forthcoming REPORT
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