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SEC OKs AS6, Advises PCAOB to Look at Confidentiality

Tammy Whitehouse | September 22, 2008

The Securities and Exchange Commission has rubber-stamped a new auditing standard, but with encouragement to the Public Company Accounting Oversight Board to consider developing a new rule advising auditors of their responsibility regarding confidential client information.

The SEC did its own due diligence on Auditing Standard No. 6 Evaluating Consistency of Financial Statements and Amendments to Interim Auditing Standards, including publishing the rule for comment. The PCAOB approved the standard in late January, primarily to align auditing standards with accounting standards on how to evaluate inconsistency in financial statements and to remove the hierarchy of Generally Accepted Accounting Principles from auditing literature.

The SEC received three comments on the standard, all from accounting firms and all...

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