Accounting regulators predict big developments for 2006, including a new report on audit quality control, a new approach to inspections based on earlier guidance, and new standards on audit quality and communications.
Bill Gradison, acting chairman of the Public Company Accounting Oversight Board, told a recent gathering of the Tax Council Policy Institute that the Board is preparing a report that will provide an overview of its findings about quality control at registered accounting firms. The document will be similar to the report the PCAOB issued last November on implementation of Auditing Standard No. 2, which governs audits of internal controls over financial reporting.
