PCAOB Auditing Standards: An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements of Publicly Held Companies

The Public Company Accounting Oversight Board (PCAOB) was created by the Sarbanes-Oxley Act of 2002, to oversee the auditors of public companies. On May 18, 2004, PCAOB Auditing Standard No. 1 was approved by the SEC. This standard requires the auditors report for public companies and/or issuers to include a reference that the engagement was performed in accordance with the standards of the PCAOB.