From the April 2009 issue of Treasury & Risk magazine

Double Vision on Oversight

Accounting regulators want two audit firm partners to review each public company's audits and interim reports.

Public company audits and interim reports are likely to be reviewed by two audit firm partners, rather than one, in corporate fiscal years ending after Dec. 15, 2009. That's when the proposed Public Company Accounting Oversight Board (PCAOB) rule on auditing standards and engagement quality review is set to go into effect.

"The board felt the need to strengthen the requirement for concurrent audit reviews," says Dima Andriyenko, associate chief auditor at the PCAOB, who played a key role in developing the new release. The board said last year that it wanted "to focus reviewers on the need to perform a robust review, rather than on whether particular matters had 'come to [their] attention.'"

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