Friday, August 03, 2007
SEC approves PCAOB Auditing Standard No. 5
The Securities and Exchange Commission has voted unanimously in favor of a new auditing standard and other measures to increase the accuracy of financial reports while reducing unnecessary costs, especially for smaller public companies.
The Commission expects the new auditing standard, in combination with the Commission's new management guidance, will make Section 404 audits and management evaluations more risk-based and scalable to company size and complexity.
See full Article.