As the calendar year comes to a close, auditors are gearing up for their first audits of internal control over financial reporting under a new rulebook. Regulators will be watching closely to assure their instructions are heeded.
Mark Olson, chairman of the Public Company Accounting Oversight Board, last week told a packed house at the American Institute of Certified Public Accountants conference that the PCAOB staff has visited with the national offices of the largest audit firms. The goal: to assure successful implementation of the new Auditing Standard No. 5, which governs how audits of internal controls are conducted.
