In two weeks, the public accounting board will meet to discuss a new auditing standard to "supersede" the controversial Auditing Standard No. 2.
In its clearest acknowledgement yet that the controversial Auditing Standard No. 2 is flawed, the Public Company Accounting Oversight Board said it will consider whether to propose a new auditing standard to "supersede" it. The matter will be discussed at an open meeting on Tuesday, December 19.
PCAOB chairman Mark Olson previously said a proposed revision, which could make it easier and cheaper for smaller companies to comply with Section 404 of the Sarbanes-Oxley Act, could be issued for public comment as early as the second week in December.
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