If you are a registered user please log in to see more postings.
 

The AAO Weblog covers accounting issues and current events as they relate the practice of investment analysis. All posts prior to September, 2007 are in the public domain, but after September 4, 2007, only subscribers to The Analyst's Accounting Observer will see all posts going forward. Only selected, occasional posts will be released to the public domain from September 4 forward.

The Next Phase In Internal Control Evaluations
Location: BlogsAAO Weblog (Public)    
Posted by: Jack Ciesielski 5/24/2007 5:05 AM
As expected, the SEC approved the proposed replacement for Auditing Standard No. 2.

Lots of promises are being made for this standard - scalability (meaning it will be able to be applied effectively by firms of different sizes), cost-effectiveness, and just plain effectiveness. The proof is in the pudding: we'll have to see it in action, or in inaction, over a few years and an economic cycle or two to see just how well-designed it really is. And how well the auditing profession implements it.

According to the press release, the new rules and interpretive guidance will be published 30 days from their publication in the Federal Register. If the finial rules are approved and adopted by the SEC and PCAOB, it's expected to be effective no later than for calendar year 2007 audits.
Permalink |  Trackback