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US PCAOB proposes auditing standard on internal control

  • PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

08 Oct 2003

The US Public Company Accounting Oversight Board has proposed its first auditing standard, titled An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements.

The proposal would apply to non-US SEC registrants, but with delayed implementation. The proposal essentially requires an integrated audit with two audit opinions: one on the effectiveness of internal control over financial reporting and one on the financial statements. Auditors of US companies with public equity float exceeding $75 million will be required to audit and report on the company's internal controls over financial reporting for fiscal years ending on or after 15 June 2004. Auditors of smaller companies, foreign private issuers, and companies with only registered debt securities have until fiscal years ending on or after 15 April 2005 to comply. Click for:

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