PCAOB Auditing Standard No. 1 Effective
May 24
Washington, DC, May 18, 2004 - The Public Company Accounting Oversight Board announced that its Auditing Standard No. 1, References in Auditors' Reports to the Standards of the PCAOB, has been approved by the U.S. Securities and Exchange Commission.
PCAOB Auditing Standard No. 1 requires that auditors' reports on audits and other engagements relating to public companies and other issuers include a reference that the engagement was performed in accordance with the standards of the PCAOB. This replaces the previous reference to generally accepted auditing standards. This standard is effective beginning May 24, 2004.
The SEC’s order approving the auditing standard is available on the SEC’s Web site www.sec.gov, under Regulatory Actions.
Media Inquiries: Public Affairs, 202-207-9227
The PCAOB is a private-sector, nonprofit corporation, created by the Sarbanes-Oxley Act of 2002, to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports.
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