Washington (Oct. 28, 2003) -- Corporate executives have raised concerns that the Public Company Accounting Standards Board’s plan for new internal control reporting by auditors will create unnecessary cost burdens for American businesses.
The proposal is designed to implement provisions of the Sarbanes-Oxley Act requiring public accounting firms that conduct audits to “attest to, and report on, the assessment made by management” concerning the company’s internal controls. But some corporate officials contend that the proposed standard advanced by PCAOB earlier this month goes far beyond the intent of Congress by requiring outside accountants to perform a “detailed audit” of their client’s internal controls.
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