SEC OKs PCAOB Audit Standard, Rule Takes Effect May 24

Washington (May 19, 2004) -- The Securities and Exchange Commission has approved the Public Company Accounting Oversight Board's Auditing Standard No. 1. The rule takes effect May 24.

The standard, References in Auditors' Reports to the Standards of the PCAOB, requires that auditors' reports on audits and other engagements relating to public companies and other issuers include a reference that the engagement was performed in accordance with the standards of the PCAOB. This replaces the previous reference to generally accepted auditing standards.

The SEC’s order approving the auditing standard is available on the SEC’s Web site, www.sec.gov, under Regulatory Actions.

-- WebCPA staff