Washington (May 12, 2004) -- The Public Company Accounting Oversight Board, which must give its okay to accounting firms that want to audit public companies, has issued its first rejection.

In its nine-page notice, the PCAOB said it disapproved the application of Scottsdale, Ariz.-based James C. Marshall PC because the firm failed to respond "adequately and appropriately to identified deficiencies in its audit work."

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