Monday, April 07, 2008 The 2008 agenda will include a discussion of practical quality control policies and procedures, and evolving accounting and auditing issues. The discussions also will address the application of certain auditing standards and observations from the Board’s disciplinary orders. In addition, the 2008 agenda will include a discussion of the implementation of Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements. “Small Business Forums have been an effective way to share timely information about the PCAOB’s oversight programs with small firms,” said Mark W. Olson, PCAOB Chairman. “In addition, the forums provide an opportunity for small firms and issuers to discuss issues facing the small business community with us and each other in an informal setting.” PCAOB Addresses Emerging Audit Issues In 2008 Forums on Auditing in the Small Business Environment Labels: as5, forums, pcaob, small business
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Tuesday, March 04, 2008 Exclusive new research from Compliance Week shows companies that made improvements to their internal control over financial reporting in the wake of The Sarbanes-Oxley Act of 2002 (SOX) are expecting fewer improvements over time. The results also suggest that Auditing Standard No. 5 (AS5)—a new, more relaxed auditing standard approved last year by the Securities and Exchange Commission—may not be helping to streamline SOX compliance as much as hoped. A Compliance Week survey of nearly 300 public companies finds that three-quarters reduced their number of “key controls” significantly during their first year of meeting SOX requirements—with 14 percent of them reducing key controls by between 60 and 80 percent. “Key controls” are the internal checks and balances that companies use to ensure that their financial reporting processes are timely and reliable. Section 404 of Sarbanes-Oxley required that companies assess their controls and that auditors sign off on the effectiveness of those controls. In theory, as a company reduces the number of key controls, it simplifies its financial reporting process, decreases the risk of error or financial misstatement, and reduces the cost of SOX compliance. Compliance Week Survey: Sarbanes-Oxley Improvements on the Decline Labels: as5, Compliance Week, reduce key controls, survey
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Monday, October 22, 2007 The guidance explains how auditors can apply the Board's internal control auditing standard, Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements, to audits of smaller, less complex public companies. When it adopted Auditing Standard No. 5 in May, the Board committed to provide additional guidance on applying the standard to audits of smaller public companies. Auditing Standard No. 5 provides direction to auditors on scaling the audit based on the company’s size and complexity. PCAOB Issues Staff Guidance On Auditing Internal Control in Smaller Public Companies Labels: as5, pcaob, small business
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Tuesday, May 29, 2007 Labels: as5, pcaob, sec, small business
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Saturday, May 19, 2007 For many corporate critics of the Sarbanes-Oxley Act, the 2002 law has become synonymous with added cost and work. But when they've voiced their frustration with regulators and congressmen, asking them to amend or repeal the law, they're usually talking about just one of its provisions: Section 404. After nearly five years of hearing concerns about uncertainty regarding management's responsibilities under 404 and complaints about burdensome audits under its companion auditing standard, the Securities and Exchange Commission may formally make the first change to the provision before Memorial Day weekend. In back-to-back meetings, the SEC will vote on its proposed management guidance for complying with the internal-control rule on May 23, and the Public Company Accounting Oversight Board will decide whether to adopt its new companion auditing standard on May 24.
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If adopted, the new standard would supersede the board's existing auditing standard, Auditing Standard No. 2, "An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements."
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Wednesday, April 18, 2007 Let me start by noting that in the nearly five years in which I've worked with IOSCO, I've never seen more interest with respect to the growing globalization of the securities markets and international securities regulation than in the last few months. Perhaps this is just an American perspective and that we're just late to the party, but I do sense that we may be approaching critical mass on some of these issues. Of course, much of what I'm referring to does not directly involve audit or accounting standards, but rather concerns the fact that there has been increasing globalization of the securities markets. Most notable is the recent NYSE-Euronext merger, which I think will add significant pressures to the desire for seamless global securities trading and will likely bring requests from the combined entity to allow the sale of listed European securities in the U.S., and vice versa.
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Thursday, April 05, 2007 The Securities and Exchange Commission is sending its accounting staff to work with the Public Company Accounting Oversight Board on additional revisions to the auditing standard that has been criticized by public companies and legislators for creating costly audits of internal controls. At a Wednesday SEC hearing, staff members of the Office of the Chief Accountant asked the commissioners for permission to work with the PCAOB to address several concerns that were raised during the current public comment period on the revised Auditing Standard No. 2 — which both regulators loosely refer to as AS5. Saying the staff will be "fine-tuning" AS5, the commissioners voted unanimously on all the staffers' requests.
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