"Small business to face closer audit scrutiny" (March 16-April 5, 2009, page 5) stated that the Public Company Accounting Oversight Board issued new guidance for auditors that "effectively directs accountants to take a more skeptical, hard-nosed approach toward audits of their smaller clients."
However, the PCAOB points out that while the guidance is new, it reiterates an auditor's existing responsibilities under Auditing Standard No. 5 and other existing PCAOB standards. It does not create new requirements for audits of smaller companies.
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