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Accounting & Auditing Standards


Auditing and Accounting Standards Bodies

Auditing Standard No. 3
PCAOB releases Auditing Standard No. 3 – Audit Documentation June 9, 2004 This standard was approved by the Securities and Exchange Commission on August 25, 2004, and is effective for audits of financial statements with respect to fiscal years ending on or after November 15, 2004. For other engagements conducted pursuant to the standards of the PCAOB, including reviews of interim financial information, this standard takes effect beginning with the first quarter ending after the first financial statement audit covered by this standard.

Auditing Standard No. 2
On June 18, 2004, the Public Company Accounting Oversight Board (PCAOB) announced that its Auditing Standard No. 2, “An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements,” had been approved by the Securities and Exchange Commission. This standard will shape how auditors assess Section 404 compliance.

The PCAOB and Standards The PCAOB has a full page of comments, Q&As, Releases, Briefing Papers, and other documents about standards and PCAOB expectations. View them at the PCAOB Standards page.