The ASB issues a proposed statement on auditing standards titled Sarbanes-Oxley Omnibus Statement on Auditing Standards. (Auditing).

* The ASB issues a proposed statement on auditing standards titled Sarbanes-Oxley Omnibus Statement on Auditing Standards. Among other things, the omnibus statement includes a proposed SAS, Review of Public Company Audits by a Reviewing Partner, which requires such partners to review the audits of public companies' financial statements, internal controls and interim financial information. The exposure draft also proposes amendments to AU section 339, "Audit Documentation," and AU section 722, "Interim Financial Information" (of AICPA, Professional Standards), to reflect Sarbanes-Oxley and SEC record retention requirements. Further, the ED amends several other AU sections including 310, "Appointment of the Independent Auditor"; 316, "Consideration of Fraud in a Financial Statement Audit"; and 380, "Communication With Audit Committees," to reflect Sarbanes-Oxley provisions and SEC rulings governing auditors' responsibilities when communicating with audit committees. Comments on the ED, available at www.aicpa.org/ members/div/auditstd/drafts.htm, are due May 15.