PCAOB Release - Audit Documentation and Amendment to Interim Audit Standards

1666 K Street, N.W.Washington, DC 20006Telephone: (202) 207-9100Facsimile: (202) 862-8430www.pcaobus.org ) ) ) AUDIT DOCUMENTATION AND AMENDMENT ) PCAOB Release No. 2004-006 TO INTERIM AUDITING STANDARDS ) June 9, 2004 ) ) PCAOB Rulemaking ) Docket Matter No. 012 )) ) ) Summary: After public comment, the Public Company Accounting Oversight Board (the "PCAOB" or "Board") has adopted Auditing Standard No. 3, Audit Documentation, and an amendment to AU sec. 543 of the interim auditing standards. The Board will submit this standard and amendment to the Securities and Exchange Commission ("SEC" or "Commission") for approval pursuant to Section 107 of the Sarbanes-Oxley Act of 2002 (the "Act"). This standard will not take effect unless approved by the Commission. Board Contacts: Greg Scates, Associate Chief Auditor (202/207-9114; scatesg@pcaobus.org), and Greg Fletcher, Assistant Chief Auditor (202/207-2203; fletcherg@pcaobus.org). * * * Section 103(a)(2)(A)(i) of the Act expressly directs the Board to establish auditing standards that require registered public accounting firms to prepare and maintain, for at least seven years, audit documentation "in sufficient detail to support the conclusions reached" in the auditor's report. Audit documentation is one of only a few topics that the Act expressly requires the Board to adopt standards. Accordingly, the Board made audit documentation a priority in its standards ...