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.

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