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By ALM Staff | Law Journal Newsletters |
June 27, 2005

PCAOB Issues Guidance on Audits of Internal Control

The Public Company Accounting Oversight Board has published additional guidance to auditors on how to implement the PCAOB's Auditing Standard No. 2, “An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements.” The guidance consists of a Board Policy Statement Regarding Implementation of Auditing Standard No. 2 and a series of staff questions and answers. The questions and answers provide technical guidance to auditors on how to use the provisions and underlying principles of Auditing Standard No. 2 to conduct effective and cost-efficient audits of public companies' internal control over financial reporting.

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