Washington (Dec. 18, 2003) — The Public Company Accounting Oversight Board voted unanimously to adopt its first auditing standard and technical amendments to its interim standards rules.
At its meeting Wednesday, the board adopted Auditing Standard No. 1, References in Auditors' Reports to the Standards of the Public Company Accounting Oversight Board, which requires that auditors' reports on engagements conducted in accordance with the board's standards include a reference that the engagement was performed in accordance with the standards of the PCAOB.
It replaces previously required references to generally accepted auditing standards.
The Board also voted to adopt technical amendments to its rules on interim standards. Those rules referred to existing professional standards of auditing, attestation, quality control, ethics and independence. The amendments add the phrase "to the extent not superseded or amended by the Board" to each of the rules on interim standards.
The rules are subject to approval by the Securities and Exchange Commission.
Details on the rules are available at www.pcaobus.org.
— WebCPA staff
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