These final standards were approved by the SEC on Dec. 23, 2010, following the SEC's Notice and Comment period, and approval thereafter by the Commission. This procedure, in effect a secondary level approval process after approval of auditing standards by the PCAOB board, was set forth in the Sarbanes-Oxley Act.
The final standards published by the PCAOB on January 18 include:
PCAOB Staff Audit Practice Alert 7 on Litigation
Separately, as highlighted by Broc Romanek in TheCorporateCounsel.net Blog today (Jan. 18), the PCAOB published on Dec. 20 PCAOB Staff Audit Practice Alert No. 7, "Auditor Considerations of Litigation and Other Contingencies Arising from Mortgage and Other Loan Activities." See also PCAOB's press release.
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