The IIA recently responded to a request for comments from the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) regarding "Second-year Experiences with Internal Control Reporting and Auditing Provisions." The IIA values the work of the SEC and PCAOB to enhance the effectiveness and efficiency of Sarbanes-Oxley 404, and we have taken this opportunity to express the views of our members on this important matter. We look forward to discussing these issues with the SEC and PCAOB during a roundtable meeting in Washington, D.C. on May 10.
In the response, The IIA recommends a fundamental change be considered — removal of the external auditor’s own attestation over internal control, believing that the other two levels of attestations are all that are required to comply with the intent of the Sarbanes-Oxley Act.
See full Response, in pdf format.
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