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PCAOB report on audits of internal controls

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

01 Dec 2005

The US Public Company Accounting Oversight Board (PCAOB) has published a report summarising issues identified in implementing Auditing Standard No.

2 An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements (AS2). The PCAOB's monitoring revealed that some audits "were not as effective or efficient as Auditing Standard No. 2 intends and as the Board expects they can be in the future, given the benefits of experience, adequate time and resources." The report cites specific examples of inefficiency and ineffectiveness. It also explains and clarifies certain aspects of AS2 and amplifies certain guidance it has previously issued. Click for:

Correction list for hyphenation

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