SEC approves new audit standard
WASHINGTON, DC – The Securities and Exchange Commission (SEC) has approved a new PCAOB Auditing Standard (AS No. 4), which would apply when auditors report whether a previously reported material weakness in a company's internal control over financial reporting has been eliminated.
The standard was adopted by the PCAOB on July 26, 2005, and it establishes a voluntary stand-alone engagement that is performed at the company's request, after the company has disclosed a material weakness in internal controls under Section 404 of the Sarbanes-Oxley Act.
When a company reports a material weakness, investors may be left uncertain about the reliability of the company's financial reporting. The standard is meant to be used as a mechanism for alerting investors that a previously
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