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PCAOB proposal on elimination of a material weakness

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

01 Apr 2005

The US Public Company Accounting Oversight Board has proposed for public comment a standard that would apply when auditors report on the elimination of a material weakness in a company's internal control over financial reporting.

The proposed standard would establish a voluntary, stand-alone engagement that would be performed at the election of the company. Comments are due 16 May 2005. If the PCAOB does adopt a final standard, it will be submitted to the Securities and Exchange Commission for approval. The proposed rule may be Downloaded from the PCAOB's Website (Docket No. 018).

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