PCAOB Auditing Standard No. 3 Approved by SEC
The Public Company Accounting Oversight Board (PCAOB) announced that its Auditing Standard No. 3, Audit Documentation, has been approved by the U.S. Securities and Exchange Commission.
PCAOB Auditing Standard No. 3 establishes general requirements for documentation an auditor should prepare and retain in connection with engagements conducted pursuant to the standards of the PCAOB. 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 November 15, 2004.
The SEC’s order approving the auditing standard is available on the PCABO's Web site www.pcaobus.com/standards/index.asp.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.