Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Monday, June 18, 2007

SEC Solicits Additional Comments on Auditing Standard 5

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.

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