In search of a happy medium for the smaller public companies that have loudly complained about the cost of audits of their internal controls, Securities and Exchange Commission Chairman Christopher Cox said a new auditing standard is on the way.In an interview with the New York Times, Cox said that he has been in regular contact with the chairman of the Public Company Accounting Oversight Board to develop and propose the auditing standard. Right now, Cox said that the timetable would be for the SEC to hopefully approve the standard by the spring.
Cox told the paper that the goal of the rule would be to focus auditor attention on the areas of greatest risk for a company. He did say that every company would still be subject to an audit, but wouldn’t go so far as to speculate whether the new standard would translate to lower audit fees.
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