Today The Public Accounting Oversight Board released a proposal to re-organize their official auditing standards. The document is open to public comment, and a meeting was held early this morning to begin the process.
Tags: Internal Controls, auditing standards, Martin Baumann, Vibato, PCAOB
The PCAOB has released Audit Standard No. 16 - Communications with Audit Committees. This new standard is designed to establishe requirements that enhance the relevance, timeliness, and quality of the communications between the auditor and the audit committee. This new standard supersedes Interim Standards AU sec. 380 (Communication with Audit Committees) and AU sec. 310 (Appointment of the Independent Auditor), the transitional amendments to AU sec. 380, and related amendments to PCAOB standards.
Tags: Internal Controls, PCAOB News & Information, audit, audit committee, PCAOB
Internal Control Alert on Related Parties & Unusual Transactions
Tags: Internal Controls, best-practice, PCAOB, internal control tips, Close Best Practices
Tags: PCAOB News & Information, 404 audit, audit scope, external auditing, PCAOB
Internal controls are often considered a necessary evil by finance executives and board members. And it's true that with so many strategic issues to address, it can be challenging to carve out the time and attention to ensure that internal controls are in place, designed appropriately, and operating effectively.