The Public Company Accounting Oversight Board is closing in on a proposed new audit standard governing engagement quality reviews by accounting firms.That standard, which appears on track to be advanced during 2006, is part of an ambitious agenda of audit standard-setting activities for the coming year that was outlined by PCAOB staffers during a recent meeting of the board's Standing Advisory Group.

In asking the advisory panel for guidance on implementing the board's ambitious agenda, PCAOB chief auditor Douglas R. Carmichael said that projects on the priority list for 2006 might lead to new rules governing how auditors deal with financial fraud, interact with corporate audit committees and implement independence quality controls.

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