The Securities and Exchange Commission has approved Auditing Standard No. 16, Communications with Audit Committees, as well as amendments to other standards from the Public Company Accounting Oversight Board.

The new standard and amendments will be effective for public company audits for fiscal periods beginning on or after Dec. 15, 2012. The SEC also determined that they would apply to audits of "emerging growth companies" under the Jumpstart Our Business Startups Act of 2012.

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