The next day, the PCAOB approved Auditing Standard No. 5
An Audit of Internal Control Over Financial Reporting That is Integrated with an Audit of Financial Statements. AS 5 is subject to SEC approval. We have posted the
31 May 2007 Edition of the Heads Up Newsletter (PDF 81k). It summarises the SEC's and PCAOB's decisions related to Section 404, as well as other recent SEC and PCAOB developments of interest.