April 01, 2005
Do not Expect Roll Back of Sarbanes-Oxley
Just when smaller companies were hoping for Section 404 to be rolled back or weakened comes a Standard released for public comment from the PCAOB. It would allow a voluntary engagement by a company who reported a material weakness, to get help to determine if that weakness had really been eliminated. The thought is that you can say it has been fixed, but is this internal control review process really working.
Wow, this could be seen very positively if a company is so committed to transparency and governance that they will undergo this type of review. It will help smooth the process. Sounds like more work for auditors.
Excerpt from PCAOB Comment Request:
Board Proposes Standard on Reporting on the Elimination of a Material Weakness
Washington, DC, March 31, 2005 - The Public Company Accounting Oversight Board today voted unanimously to propose for public comment a standard that would apply when auditors report on the elimination of a material weakness in a company's internal control over financial reporting. The proposed standard would establish a voluntary engagement that would be performed at the election of the company" For the complete article, click here.
To get your Sarbanes-Oxley project started and finished with the best results and the least cost, see www.issuescentral.com and learn more about the Sarbanes-Oxley Compliance Playbook(tm).
Wow, this could be seen very positively if a company is so committed to transparency and governance that they will undergo this type of review. It will help smooth the process. Sounds like more work for auditors.
Excerpt from PCAOB Comment Request:
Board Proposes Standard on Reporting on the Elimination of a Material Weakness
Washington, DC, March 31, 2005 - The Public Company Accounting Oversight Board today voted unanimously to propose for public comment a standard that would apply when auditors report on the elimination of a material weakness in a company's internal control over financial reporting. The proposed standard would establish a voluntary engagement that would be performed at the election of the company" For the complete article, click here.
To get your Sarbanes-Oxley project started and finished with the best results and the least cost, see www.issuescentral.com and learn more about the Sarbanes-Oxley Compliance Playbook(tm).
