Auditors have been taken to task for interpreting Sarbanes-Oxley too strictly. Will the new Section 404 guidance make them more flexible?
The case made by executives straining under the weight of Sarbanes-Oxley compliance requirements who spoke at the SEC's Roundtable on Implementation of Internal Control Reporting Provisions in Washington, D.C., in April was compelling enough that the Public Company Accounting Oversight Board (PCAOB) in May issued long-awaited guidance regarding implementation of the Sarbanes-Oxley Act, Section 404, Auditing Standard No. 2 (AS2), "An Audit of Internal Control Over Financial Reporting Performed in Conjunction With an Audit of Financial Statements."
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