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PCAOB issues internal control standards ED.

PCAOB Issues Internal Control Standards ED

At a public board meeting on October. 7, PCAOB approved for Exposure Draft (ED) a proposed standard, An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements. (Read the complete document at www.pcaobus.org/rules/Release2003-017.pdf.)

If adopted, the proposed standard would be the standard on attestation engagements in compliance with Section 404(b), as well as Section 103(a)(2)(A) of the Sarbanes-Oxley Act of 2002.

The ED will be posted for a 45-day comment period that ends November 21. The PCAOB is seeking comments from interested parties on 31 questions related to the proposed standard; comments should be sent in writing to the board.

FEI's Web site continually updates and analyzes aspects of the provisions. See the headlines section of www.fei.org and also www.fei.org/advocacy/sarbanesoxley.cfm.
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Title Annotation:financial Reporting
Author:Heffes, Ellen M.
Publication:Financial Executive
Article Type:Brief Article
Geographic Code:1USA
Date:Nov 1, 2003
Words:149
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