Audit firms and issuers take note: Guidance on implementing the new Auditing Standard No. 5 is coming.
During remarks at Compliance Week 2007 on Thursday, Public Company Accounting Oversight Board Chairman Mark Olson noted that the board is “working with practitioners to develop tailored implementation guidance for audits of internal controls in smaller companies.”
Olson said that guidance will be released later this year, well in advance of the Section 404 compliance deadline for non-accelerated filers, who are slated to comply with the management requirements for fiscal years ending on or after Dec.15, 2007, and the required auditor assessment a year later.