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Heads Up newsletter - SEC and PCAOB update

  • Heads Up Image

09 Jan 2007

We have now posted a Special Issue of Deloitte's Heads Up Newsletter summarising new and proposed guidance issued in December 2006 by US Securities and Exchange Commission and the US Public Company Accounting Oversight Board.

Heads Upis  published by the National Office Accounting Standards and Communications Group of Deloitte & Touche LLP (United States):

In December, the SEC:

  • Proposed guidance for management to consider in the evaluation of internal control over financial reporting.
  • Postponed the dates by which non-accelerated filers and newly public companies must comply with the internal control reporting requirements of Section 404 of the Sarbanes-Oxley Act of 2002.
  • Amended the executive and director compensation disclosures to more closely align them with the requirements of FASB Statement No. 123(R), Share-Based Payment.

The PCAOB issued the following proposed guidance:

  • A proposed auditing standard on auditing internal control over financial reporting, which would replace PCAOB Auditing Standard No. 2.
  • A proposed auditing standard on auditors' considerations regarding using the work of others in an audit.
  • Proposed Rule 3525, Audit Committee Pre-approval of Services Related to Internal Control.
  • Proposed amendments to its interim auditing standards

Click for Special Edition (PDF 338k) and Past Issues.


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