PCAOB standard on audit documentation is approved

  • PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

01 Sep 2004

The US Securities and Exchange Commission has approved the Public Company Accounting Oversight Board's Auditing Standard No.

3 Audit Documentation effective for audits of financial statements of companies with financial years ending on or after 15 November 2004. AS 3 establishes general requirements for documentation that an auditor should prepare and retain in connection with engagements conducted pursuant to PCAOB standards. Such engagements include an audit of financial statements, an audit of internal control over financial reporting, and a review of interim financial information. In general, the retention period is seven years. AS 3 applies to both US-based and foreign auditors of SEC registrants. AS 3 notes that section 106(b) of the Sarbanes-Oxley Act of 2002 imposes certain requirements concerning production of the work papers of a foreign public accounting firm on whose opinion or services the auditor relies. Compliance with AS 3 does not substitute for compliance with Section 106(b) or any other applicable law. You can Download Details from PCAOB's Website (PDF 174k).

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