PCAOB adopts its first auditing standard
Dec 22, 2003
The US Public Company Accounting Oversight Board has adopted its first auditing standard – Auditing Standard No.
1, References in Auditors' Reports to the Standards of the Public Company Accounting Oversight Board. AS 1 requires that auditors' reports on engagements conducted in accordance with the PCAOB's standards include a reference that the engagement was performed in accordance with the standards of the PCAOB. This replaces previously required references to generally accepted auditing standards. SEC approval is required before the standard takes effect. (PDF 55k).