The PCAOB approved Auditing Standard No. 7, Engagement Quality Review on July 28, 2009.

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Under Auditing Standard 5, passed in mid-2007, the audit of internal control over financial reporting is now integrated with the audit of the financial statements.

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Audit firms finally began to reduce the pressure on clients that reached a peak in 2006 because of their own litigation anxiety when Auditing Standard 5 was enacted in 2007.

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Auditing the Fed, replacing Fed monetary policy discretion with a mandatory price rule governing policy, even the gold standard, Nobel Laureate Friedreich Hayek pushed the envelope beyond all of these.

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