SEC approves PCAOB's new internal control audit standard
26 Jul 2007
The US Securities and Exchange Commission has approved Auditing Standard No. 5 An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements.
AS 5 was adopted by the Public Company Accounting Oversight Board in May 2007. AS 5 replaces the PCAOB's previous internal control auditing standard, Auditing Standard No. 2. With SEC approval in place, audit firms registered with the PCAOB are required to use the new standard for all audits of internal control no later than for fiscal years ending on or after 15 November 2007. The PCAOB has announced that it intends to undertake several initiatives to support the successful implementation of the new standard. Click for:
- PCAOB Auditing Standard No. 5 (PDF 179k)
- SEC Press Release on Approval of AS 5 (PDF 47k)
- PCAOB Press Release on SEC Approval (PDF 43k)
- PCAOB Press Release on Adoption of AS 5 (May 2007) (PDF 62k)
