PCAOB details qc fix efforts.The PCAOB PCAOB Public Company Accounting Oversight Board has issued two releases that detail the SOX (1) (Schema for Object-oriented XML) An XML schema developed by Veo Systems and Muzino Communications, which was submitted to the W3C. SOX is based on DTD, but adds data typing and reuse mechanisms. provision that gives accounting firms incentives to address quality control criticisms within 12 months after a board-issued report. The first release details the process by which the PCAOB determines whether a registered accounting firm has addressed quality control criticisms in an inspection report. The second details the PCAOB's observations about efforts undertaken by the Big Four to address quality control concerns identified in the PCAOB's initial, limited inspections of those firms. Find more information at www.pcaob.org/News_and_Events/News/2006/03-21.aspx. |
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