Take the following as truth: We anticipate this revision of the standards, when finalized, will become effective for financial audits of periods ending on or after January 1, 2003, and for attestation engagements and performance audits beginning on or after January 1, 2003.
Then the following statement: "The standards will apply to audits covering 2003 and later." is true, false, or inconclusive?
Answer: True