Monday, June 18, 2007
The SEC published a notice of additional solicitation of comments on proposed rules (PCAOB-2007-02) submitted by the Public Company Accounting Oversight Board which were previously published on June 12, 2007. These rules establish requirements that apply when an auditor is engaged to perform an audit of the effectiveness of internal control over financial reporting that is integrated with an audit of the financial statements (Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements), a related independence rule (Rule 3525, Audit Committee Pre-Approval of Non-Audit Services Related to Internal Control Over Financial Reporting), and conforming amendments to its auditing standards. Publication of the notice of additional solicitation of comment is expected in the Federal Register during the week of June 18. The comment period will close on July 12, 2007.