US watchdog to discuss Sarbox measures

Audits of internal control over financial reporting as set out under Sarbanes-Oxley, as well as other standards-setting topics, will be discussed by the Public Company Accounting Oversight Board’s Standing Advisory Group in a meeting to be held next week in Washington.

The group will discuss current PCAOB activities regarding implementation of the internal control provisions of the Sarbanes-Oxley Act and the PCAOB's Auditing Standard No. 2, WebCPA reported.

There will also be a panel discussion about two aspects of internal control auditing in which the PCAOB may consider refinements to its auditing standard:

· The role of company-level controls in audits of internal control over financial reporting; and,

· The auditor's involvement in management's assessment of internal control.

The Standing Advisory Group, made of 31 people representing the auditing profession, public companies, investors and others, meets approximately three times a year.