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STANDING ADVISORY GROUP MEETING

1666 K Street, NW Washington, 20006 Telephone: (202) 207-9100 Facsimile: (202)862-8430 This paper was developed by the staff of the Office of the Chief Auditor to foster discussion among the members of the SAG. It is not a statement of the Board; nor does it necessarily reflect the views of the Board or PCAOB staff. STANDING ADVISORY GROUP MEETING REASONABLE ASSURANCE OCTOBER 5-6, 2005 Introduction The Board's interim auditing standards1/ require auditors to obtain reasonable assurance that the financial statements are free of material misstatements to support their unqualified opinion on the financial statements.

STANDING ADVISORY GROUP MEETING REASONABLE ASSURANCE OCTOBER 5-6, 2005 Introduction ... 2/ Public Oversight Board, The Panel on Audit Effectiveness, Report and Recommendations (2000), par. 3.28. Reasonable Assurance October 5-6, 2005 Page 5 STANDING ADVISORY GROUP MEETING

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