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Changes Afoot For Auditing Standards, Internal Controls

Nagel Karl | April 24, 2003

The recent news that the Public Company Accounting Oversight Board has decided to take over responsibility for establishing public company auditing rules marks the end of a 100 year period in which the accounting industry had set its own standards.

The Board did have the option of leaving the auditing standard-setting process to the Auditing Standards Board (ASB), which is an arm of the main trade and lobby group — the American Institute of Certified Public Accountants (AICPA).

However, rather than continue to allow the profession to be self-governed by internally developed auditing rules, the PCAOB chose instead to set the new public company rules with the help of an advisory group to be comprised of accounting, investing and other experts.

A Critical...

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