More guidance for audits of internal controls.The PCAOB PCAOB Public Company Accounting Oversight Board has issued the third in its series of staff guidance to help auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together and issuers implement PCAOB Auditing Standard No. 2, regarding audits of public companies' internal control over financial reporting. [ILLUSTRATION OMITTED] The guidance emphasizes the flexibility provided by Auditing Standard No. 2 in several areas, including audits of multi-national companies that involve the work of more than one auditor auditor n. an accountant who conducts an audit to verify the accuracy of the financial records and accounting practices of a business or government. A proper audit will point out deficiencies in accounting and other financial operations. ; audits of federally insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. financial institutions; the timing of auditors' communications to management and audit committees regarding material weaknesses or significant deficiencies in internal control; and other issues. For more, visit www.pcaobus.org/Standards/Staff_Questions_and_Answers/index.asp. |
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