The Securities and Exchange Commission has approved the Public Company Accounting Oversight Board's new internal control auditing standard, known as AS5, by a 5-0 vote.
Registered audit firms are now required to use the new standard for all audits of internal controls no later than for fiscal years ending on or after Nov. 15, 2007. Auditing Standard No. 5 replaces the older Auditing Standard No. 2.
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