|  | | 2004 News and Press Releases | | |
HEADLINE NEWS:
PCAOB Releases Additional Guidance For Audits Of Internal Control
AccountingWeb.com. November 23, 2004
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EXCERPT: The Public Company Accounting Oversight Board (PCAOB) this week released the third in a series of staff questions and answers to assist in the implementation of PCAOB Auditing Standard No. 2, regarding audits of public companies' internal control over financial reporting. The questions and answers, prepared by the PCAOB’s Office of the Chief Auditor, emphasize the flexibility provided by Auditing Standard No. 2 in several areas. "Some auditors and issuers have been interpreting the standard as being more prescriptive and demanding more work than was intended,’’ said PCAOB Chief Auditor Douglas Carmichael. “These staff questions and answers should provide these auditors and issuers with a better understanding of the standard so that they can apply their judgment in their circumstances in a reasonable and appropriate manner." |
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