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This appendix summarizes considerations that the Public Company Accounting Oversight Board ("PCAOB" or "Board") deemed significant in developing this standard.

This appendix includes reasons for accepting certain views and rejecting others. Section 103(a)(2)(A)(i) of the Sarbanes-Oxley Act of 2002 (the "Act") directs the Board to establish auditing standards that require registered public accounting firms to prepare and maintain, for at least seven years, audit documentation "in sufficient detail to support the conclusions reached" in the auditor's report.

The requirements in this standard underpin the specific documentation requirements in other Clarified Auditing Standards.

The Codification of Statements on Auditing Standards is generally issued in January, and the U. Auditing Standards is issued as part of the AICPA Professional Standards in June of each year. Below is a list of older codifications from the Professional Standards.

The new standard says what should be documented and the characteristics of workpapers that should be retained.

Audit documentation may be in the form of paper, electronic files, or other media. The Board's standard on audit documentation is one of the fundamental building blocks on which both the integrity of audits and the Board's oversight will rest.

The Board believes that the quality and integrity of an audit depends, in large part, on the existence of a complete and understandable record of the work the auditor performed, the conclusions the auditor reached, and the evidence the auditor obtained that supports those conclusions.

Much of the new SAS continues the requirements found in SAS 96, but there are several key changes, particularly in the dating of the auditor's report, definition of the new documentation completion date, and procedures performed up to the documentation completion date and thereafter.

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