Publications

SEC Approves New Standard for Concurring Reviews

Summer 2010
ABA Professional Liability Litigation Newsletter

The U.S. Securities and Exchange Commission (“SEC”) recently approved a new standard proposed by the Public Company Accounting Oversight Board (the “PCAOB”) for concurring or engagement quality review (“EQR”) of financial information in audits and interim financial reviews for public companies. The new standard, reflected in Auditing Standard No. 7, Engagement Quality Review (“AS 7”), supersedes interim standards and is effective for fiscal years beginning on or after Dec. 15, 2009.