Please use this identifier to cite or link to this item:
https://dair.nps.edu/handle/123456789/3713
Title: | Auditing Standard No. 5: An Audit of Internal Control over Financial Reporting that Is Integrated with an Audit of Financial Statements and Related Independence Rule and Conforming Amendments |
Authors: | Public Company Accounting Oversight Board |
Keywords: | Simplify Acquisition Audit Oversight Section 404 Sarbanes-Oxley Act Compliance Management Guidance Accounting Financial Reporting Internal Control |
Issue Date: | 12-Jun-2007 |
Publisher: | Public Company Accounting Oversight Board |
Citation: | Unlimited Distribution |
Series/Report no.: | Simplify Acquisition - Audit and Oversight SEC809-SMP-07-0053 |
Abstract: | Since Auditing Standard No. 2 became effective, the Public Company Accounting Oversight Board has closely monitored the progress registered firms have made in implementing its requirements. As a result of this monitoring, two basic propositions emerged. First, the audit of internal control over financial reporting has produced significant benefits, including an enhanced focus on corporate governance and controls and higher quality financial reporting. Second, these benefits have come at a significant cost. Costs have been greater than expected and, at times, the related effort has appeared greater than necessary to conduct an effective audit of internal control over financial reporting. |
URI: | https://dair.nps.edu/handle/123456789/3713 |
Appears in Collections: | Section 809 Panel: Reports, Recommendations & Resource Library |
Files in This Item:
File | Size | Format | |
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SEC809-SMP-07-0053.pdf | 338.49 kB | Adobe PDF | View/Open |
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