On September 15, 2004, the Public Company Accounting Oversight Board adopted amendments to its interim standards that conform the text of the interim standards to the requirements of PCAOB Auditing Standard No. 2, An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements.

The Board adopted interim auditing, attestation and independence standards on April 16, 2003, based on standards that had been developed by the auditing profession before the Board was established. Since then, the Board has adopted several permanent standards that, in various respects, supersede the interim standards.

The conforming amendments change and add to the interim standards certain text, including references, to assist auditors in performing integrated audits of financial statements and internal control. The conforming amendments also apply certain concepts developed in Auditing Standard No. 2 to circumstances in which an auditor is engaged solely to audit a company's financial statements.

The purpose of the conforming amendments is to specifically identify changes to the text of the interim standards that result from the adoption of PCAOB Auditing Standard No. 2. The identification of such changes is helpful in enabling auditors to comply with the Board's standards, as well as in eliminating potential confusion and inconsistencies in interpretation with respect to the affected portions of the interim standards.

The conforming amendments will not take effect unless approved by the SEC.

Background information on the conforming amendments is available on the Board's web site.

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