SEC approves new audit standard.

• Position: PCAOB News - United States Securities and Exchange Commission - Brief article

The SEC recently approved the PCAOB's Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements, which replaces the PCAOB's previous internal control auditing standard, Auditing Standard No. 2.

Registered audit firms now are required to use the new standard for all audits of internal control no later than for fiscal years ending on or after Nov. 15, 2007.

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