SEC, PCAOB issue more Sec. 404 internal control guidance.
The SEC and PCAOB PCAOB Public Company Accounting Oversight Board have issued additional guidance relating to relating to relate prep → concernant
relating to relate prep → bezüglich +gen, mit Bezug auf +acc internal control reporting under Sarbanes-Oxley Sec. 404.
The SEC noted that an overarching o·ver·arch·ing
adj.
1. Forming an arch overhead or above: overarching branches.
2. Extending over or throughout: "I am not sure whether the missing ingredient . . . principle of its guidance is the responsibility of management to determine the form and level of controls appropriate for each company, and to scope their assessment and the testing accordingly.
[ILLUSTRATION OMITTED]
The PCAOB's policy statement and a new Q&A focus on the scope of the internal control audit and how much testing of a company's internal control over financial reporting is required.
To read the SEC's guidance, visit www.sec.gov/news/press/2005-74.htm.
To read the PCAOB's policy statement, visit www.pcaobus.org/News_and_Events/News/2005/05-16.asp.
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