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Sarbanes Oxley Act -
Auditing Standards |
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Public
Company Accounting Oversight
Board
Bylaws
and Rules – Standards – AS1
Auditing
Standard No. 1: References in Auditors’ Reports
to the Standards of the Public Company
Accounting Oversight Board
This standard was approved by the Securities
and Exchange Commission on May 14, 2004, and is
effective for audit reports issued or reissued
on or after May 24, 2004.
References in Auditors' Reports to
the Standards of the Public
Company Accounting Oversight
Board
1. The
Sarbanes-Oxley Act of 2002 authorized the Public
Company Accounting
Oversight
Board ("PCAOB") to establish auditing and
related professional practice
standards
to be used by registered public accounting
firms. PCAOB Rule 3100,
Compliance with
Auditing and Related Professional Practice
Standards, requires
the
auditor
to comply with all applicable auditing and
related professional practice
standards
of
the PCAOB.
2. The
Board has adopted as interim standards, on an
initial, transitional basis,
the
generally
accepted auditing standards, described in the
American Institute of Certified
Public
Accountants' ("AICPA") Auditing Standards
Board's Statement on Auditing
Standards
No. 95, Generally Accepted Auditing Standards,
in existence on April 16,
2003.
(1)
3. Accordingly,
in connection with any engagement performed in
accordance with
the
auditing and related professional practice
standards of the PCAOB, whenever
the
auditor
is required by the interim standards to make
reference in a report to
generally
accepted
auditing standards, U.S. generally accepted
auditing standards, auditing
standards
generally accepted in the United States of
America, or standards
established
by
the AICPA, the auditor must instead refer to
"the standards of the Public
Company
Accounting
Oversight Board (United States)." An auditor
must also include the city and
state
(or city and country, in the case of non-U.S.
auditors) from which the
auditor's
report
has been issued.
4. This
auditing standard is effective for auditors'
reports issued or reissued on
or
after
the 10th day following approval of this auditing
standard by the Securities and
Exchange
Commission.
5. Audit
reports issued prior to the effective date of
this standard were required to
state
that the audits that supported those reports
were performed in accordance
with
generally
accepted auditing standards. The PCAOB adopted
those generally accepted
auditing
standards, including their respective effective
dates, as they existed on April
16,
2003, as interim standards. Therefore, reference
to "the standards of the Public
Company
Accounting Oversight Board (United States)" with
respect to audits of
financial
statements performed prior to the effective date
of this standard is equivalent
to
the previously-required reference to generally
accepted auditing standards.
Accordingly,
upon adoption of this standard, a reference to
generally accepted auditing
standards
in auditors' reports is no longer appropriate or
necessary.
(1)The
Board's rules on interim standards were adopted
by the Board on
April
16, 2003, and approved by the Commission on
April 25, 2003. See SEC Rel.
No.
33-8222
(April 25, 2003).
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