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Financial statements will be a little clearer, and investor relations departments should be a little less besieged at annual report time thanks to a new rule adopted last month by the Public Company Accounting Oversight Board (PCAOB). Auditing Standard No. 6, if approved as expected by the Securities and Exchange Commission (SEC) later this year, will require auditors to state clearly in their note at the end of company reports whether any correction of corporate financial statements was the result of an earlier error or misstatement–or simply a change in accounting rules.

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