U.S. Auditors Must Use New Sign-off from May 24

Starting next week, U.S. auditors will have to use a new footnote before they sign off on their client's books, Reuters reports. Currently, an audit firm must declare that the audit of its client's accounts had been performed according to "generally accepted auditing standards." From May 24, 2004 this will be changed to "in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB)."