PCAOB OKs new Internal Control
standard.
The PCAOB has adopted Auditing Standard No. 5, An Audit of Internal
Control That is Integrated with an Audit of Financial Statements. With
SEC approval, the standard will supersede Auditing Standard No. 2 and
apply to audits of all companies required by SEC rules to obtain an
audit of internal control.
The new standard is designed to:
* Focus the internal control audit on the most important matters.
* Eliminate procedures that are unnecessary to achieve the intended
benefits.
* Make the audit clearly scalable to fit the size and the
complexity of any company.
* Simplify the text of the standard.
The adopted standard and related documents are available at
www.pcaobus.org/Standards/Proposed_Standards_and_Related_Rules.aspx#Adopted.
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