AICPA issues guide to understanding PCAOB no. 2 for financial managers.

Financial Managers, not just auditors, need to understand the new PCAOB internal control standard.

NEW YORK -- To help understand the requirements of PCAOB Auditing Standard No. 2, An Audit of Internal Control Over Financial Reporting Conducted in Conjunction With an Audit of Financial Statements, the AICPA has published "PCAOB Auditing Standard No. 2: A Guide for Financial Managers."

The new guide is written for financial managers charged with evaluating their company's internal control as required by Sarbanes-Oxley section 404 and for the CPAs in public practice who provide consulting services to help them.

The book walks managers through all of the key requirements of the standard that have a bearing on how they should conduct their evaluation. It provides insight and analysis on what these requirements mean.

This Book Covers:

* Management's responsibilities relating to the company's self assessment of internal control and the related audit

* How the company may and may not work with its auditors to carry out its responsibilities

* The performance requirements for each major phase of the assessment of internal control, including:

--Planning the scope of the work

--Documenting internal control

--Evaluating the design effectiveness of internal control

--Testing the operating effectiveness of internal control

--Assessing internal control deficiencies

The publication of the book comes at a time when the Public Company Accounting Oversight Board's auditing standard on internal control will have a significant effect on the way in which company management conducts its own required assessment in internal control effectiveness.

Subsequent to the approval of the Auditing Standard, both the PCAOB and the SEC released documents of answers to frequently asked questions. These documents set forth the PCAOB and SEC staff's opinions and views on certain matters. Pertinent guidance from both of these documents has been included in this book. (No.006620) 2004 Paperback.

The author of the Guide is Michael Ramos, CPA, who is a frequent speaker and writer on Sarbanes-Oxley Section 404 matters. His most recent book for the AICPA is "Internal Control Reporting--Implementing Sarbanes-Oxley Section 404,"