Washington (Jan. 15, 2004) -- New rules proposed by the Public Company Accounting Oversight Board to require auditors to document their work and justify their conclusions could create new litigation exposure for accountants, representatives of the American Accounting Association’s Auditing Section warned.
The proposal was advanced by the board 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 the conclusions reached” in the auditor’s report.
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