June 21, 2004 -- The Public Companies Accounting Oversight Board (PCAOB) Auditing Standard No. 1, References in Auditors’ Reports to the Standards of the Public Company Accounting Oversight Board, became effective on May 24, 2004 .

This auditing standard requires registered public accounting firms to refer to the standards of the PCAOB in their audit reports, rather than to “auditing standards generally accepted in the United States of America,” which previously was the appropriate language for audits of all companies, and continues to be the appropriate language for audits of non-public companies.

The PCAOB’s Auditing Standard No. 1 requires that an auditors’ report issued in connection with any engagement performed in accordance with the auditing and related professional practice standards of the PCAOB state that the engagement was performed in accordance with “the standards of the Public Company Accounting Oversight Board ( United States ).”  The auditor also must include in its report the city and state (or city and country, in the case of non-U.S. auditors) from which the auditor’s report was issued. 

For more information, call Joe Beach at 215-564-1900.

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