Are your internal control standards able to keep up with the latest pronouncements from the Public Company Oversight Board?
The PCAOB has released Auditing Standard No. 2 and, even more recently, No. 2004-008: Conforming Amendments to PCAOB Interim Standards Resulting from the Adoption of PCAOB Auditing Standard No. 2. These rules and auditing standards affect public accountants, management, boards of directors, audit committees, internal auditors, and accounting staff, among others. As a result of these new requirements -- which the PCAOB has launched to regulate the accounting industry and, more directly, the conduct and requirements of audits -- the field of auditing in the U.S. has been significantly changed.
The Checklist consists of 14 sections providing detailed coverage of the following topics: