US watchdog to discuss Sarbox measures

US watchdog to discuss Sarbox measures

PCAOB advisory group to meet in Washington next week

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.

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