PCAOB amends auditing standards

WASHINGTON, DC – The US Public Company Accounting Oversight Board (PCAOB) adopted amendments to the interim auditing standards covering internal control audits for financial reporting in mid-September. Meanwhile, US and non-US firms alike are gearing up to apply the new rules for their 2004 results.

The PCAOB initially approved Auditing Standard No 2, An audit of internal control over financial reporting performed in conjunction with an audit of financial statements in March, and at the same time proposed amendments to the its related existing interim auditing standards, so that they would conform to the new Auditing Standard No 2.

Initially, the PCAOB adopted the interim auditing, attestation and independence standards in April 2003, based on standards developed by the auditing profession