Financial Services Industry
Industry: Email Alert RSS FeedProposal on material weaknesses reporting
California CPA, May, 2005
The PCAOB has proposed a standard that asks auditors to report on the elimination of a material weakness in a company's internal control over financial reporting.
When a company eliminates a material weakness, management may convey that message to investors. The proposed standard asks the company's independent auditor to add its assurance, a voluntary, stand-alone engagement, performed only at the company's request.
Comments must be received by May 16.
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For more information, visit http://pcaobus.org/News_and_Events/News/2005/03-31.asp.>
COPYRIGHT 2005 California Society of Certified Public Accountants
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