Washington -- The Securities and Exchange Commission has given its stamp of approval to the Public Company Accounting Oversight Board’s third audit standard.
Auditing Standard No. 3, Audit Documentation, which was adopted by the board in June, establishes general requirements for the documentation an auditor should prepare and retain in connection with engagements conducted pursuant to the standards of the PCAOB. Such engagements include an audit of financial statements, an audit of internal control over financial reporting, and a review of interim financial information.
The standard, which supersedes SAS No. 96 on audit documentation, is effective for audits of financial statements of companies with fiscal years ending on or after Nov. 15.
A copy of the standard is available on the PCAOB's Web site at http://www.pcaobus.com/standards/index.asp.
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