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During the 2004 through 2006 New Century audit engagements, PCAOB Auditing Standard No. 2 was in effect. AS No. 2 was very controversial and was

During the 2004 through 2006 New Century audit engagements, PCAOB Auditing Standard No. 2 was in effect. AS No. 2 was very controversial and was replaced in 2007 by PCAOB AS No. 5. Discuss why the PCAOB chose to replace AS No. 2 with AS No. 5. briefly discussing the key differences between those two standards

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