Washington (Nov. 13, 2003) -- The Public Company Accounting Oversight Board this week voted to propose for public comment two auditing standards and an amendment to an interim auditing standard.
The first proposed auditing standard, Audit Documentation, would establish general requirements for documentation the auditor should prepare and retain in connection with any public company audit. The board also voted to propose related amendments to the interim auditing standards. The proposed standard and amendments would apply to engagements completed on or after June 15, 2004. The board will accept comments for 60 days.
The PCAOB also voted to propose an audit standard to require registered firms expressly to state in each public company audit report that the audit was conducted in accordance with the board’s standards. The standard would apply to reports dated on or after the later of Jan. 1, 2004, or the 10th day after final approval of this auditing standard. The board will accept comments on the proposal for 21 days. Proposals, comments and briefing papers on the proposals will be available on the board’s Web site, www.pcaobus.org.
Separately, the PCAOB said Lewis H. Ferguson III will join the board’s staff in January as general counsel. Ferguson, 59, joins the PCAOB from Washington-based law firm Williams & Connolly LLP, where he was a partner. During his 23 years at the firm, he specialized in corporate, securities and tax law, financing and restructuring transactions and corporate governance issues.
-- Web CPA staff
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