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SEC Approves PCAOB Auditing Standard

SEC Approves PCAOB Auditing Standard

by Rick Turoczy on February 19, 2006

The Public Company Accounting Oversight Board announced that the Securities and Exchange Commission has approved PCAOB Auditing Standard No. 4 — “Reporting on Whether a Previously Reported Material Weakness Continues to Exist.”

The standard applies when auditors report on material weakness after a date set by management to address the internal control.

“Investors and issuers told the board that this standard would provide assurance that public companies are working to address issues identified during the assessment of the companies’ internal control,” said acting chairman Bill Gradison, in a statement.

SEC Approves PCAOB Auditing Standard

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