Accounting Oversight Board to Meet Today on Internal Controls

Posted by accountingweb on Mar 30 2005 128 printer friendly

The Public Company Accounting Oversight Board (PCAOB) is scheduled to meet at 10 AM Eastern Standard Time to consider an auditing standard for reporting on companies that correct material weaknesses in internal controls over financial reporting.

Section 404 of the Sarbanes-OxleyAct of 2002 Requires auditors to report on companies’ internal control over financial reporting. Companies are required to report whether they have any “material weaknesses” in controls.

The Board will consider proposing a standard that would permit, but not require, auditors to report on a company’s assertion that it had eliminated a previously reported material weakness in its internal control over financial reporting.

The meeting will be held in the Board’s open meeting room at 1666 K St. NW, Washington, D.C. and is open to the public. It will also be webcast through the PCAOB web site

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