Washington (Dec. 15, 2003) -- Public Company Accounting Oversight Board Chairman William McDonough said the oversight body’s inspection and review efforts will spotlight such areas as fraud, risk assessments, compliance standards and compensation packages, as it maps out its 2004 review strategies for accounting firms that audit public clients.

“As our inspections teams draft their reports this year, they will also be planning the regular inspections for 2004,” McDonough told nearly 2,000 attendees at the American Institute of CPAs’ National Conference on Current SEC Developments. The speech marked his first presentation before the AICPA as PCAOB chair. “An important part of our 2004 inspections will involve reviewing a significant number of audit engagements.”

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