PCAOB Auditing Standard No. 3 Approved by SEC
Washington, DC, August 26, 2004 - The Public Company Accounting Oversight Board announced that its Auditing Standard No. 3, Audit Documentation, has been approved by the U.S. Securities and Exchange Commission.
PCAOB Auditing Standard No. 3 establishes general requirements for documentation an auditor should prepare and retain in connection with engagements conducted pursuant to the standards of the PCAOB. This standard is effective for audits of financial statements of companies with fiscal years ending on or after November 15, 2004.
The SEC’s order approving the auditing standard is available on the SEC’s Web site www.sec.gov.
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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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