Amid continued tension over what it takes to satisfy auditors and regulators with respect to management review controls, the Securities and Exchange Commission is starting to consider whether some kind of new guidance might be in order.
Brian Croteau, deputy chief accountant at the SEC, said at an Ohio regional conference of the Institute of Management Accountants, that the SEC is putting some additional focus this year on persistent findings in audit inspections performed by the Public Company Accounting Oversight Board that focus on the adequacy of management review controls. “It’s an ongoing issue with a frequent number of inspection comments,” he said. “It’s not an area that seems to be improving. So why might that be? Is there something we could do to be more clear?”
