September 12, 2006
AS2 Revisions In The Near Future?
According to the good people at CFO.com, the PCAOB has made draft revisions to Audit Standard 2 (AS2), which is used by the external audit community as their guidance for conducting internal control over financial reporting (ICFR) reviews, and provided these suggested revisions to the SEC. Click here to read more.
While AS2 is for the external auditor, there has been no formal equivalent ICFR guidance for management which has meant that management teams defaulted to using AS2 as part of their own internal reviews of ICFR. In the coming weeks it appears that the SEC will initiate the process of constructing a framework for management to use as part of the SOX 404 ICFR requirements.
Progressive improvement beats postponed perfection.
To help your firm achieve cost-effective SOX 404 compliance please go to http://www.issuescentral.com/ to learn more about the Compliance Playbook(TM).
If you are a Canadian-based filer, please go to our exclusive Canadian distributor's (Thomson-Carswell) website http://www.compliancepartner.ca/ to learn more about achieving SOX 404 or MI 52-109 compliance with Compliance Partner(TM).
While AS2 is for the external auditor, there has been no formal equivalent ICFR guidance for management which has meant that management teams defaulted to using AS2 as part of their own internal reviews of ICFR. In the coming weeks it appears that the SEC will initiate the process of constructing a framework for management to use as part of the SOX 404 ICFR requirements.
Progressive improvement beats postponed perfection.
To help your firm achieve cost-effective SOX 404 compliance please go to http://www.issuescentral.com/ to learn more about the Compliance Playbook(TM).
If you are a Canadian-based filer, please go to our exclusive Canadian distributor's (Thomson-Carswell) website http://www.compliancepartner.ca/ to learn more about achieving SOX 404 or MI 52-109 compliance with Compliance Partner(TM).
