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.|
|Article Type:||Brief Article|
|Date:||Nov 1, 2003|
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