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PCAOB approves stricter internal audit controls

The Public Company Accounting Oversight Board (PCAOB) has approved an auditing standard for audits of internal control over financial reporting, and proposed amendments to the board's existing interim auditing standards to conform them to the new standard.

The auditing standard, An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements, addresses both the work required to audit internal control over financial reporting and the relationship of that audit to the audit of the financial statements. The standard requires approval by the Securities and Exchange Commission (SEC).

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