Washington (Sept. 30, 2003) – The Public Company Accounting Oversight Board moved a step closer to a final rule establishing standards for audit documentation during a free-wheeling "roundtable" meeting with representatives of major accounting firms, investor groups, and regulatory agencies in Washington Monday.
The new standards are required by provisions of the Sarbanes-Oxley Act which direct the board to adopt an audit documentation standard that will require auditors to prepare and maintain work papers and other materials in sufficient detail to support the conclusions of the audit.
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