The Public Company Accounting Oversight Board is poised to vote Tuesday Nov. 30 on implementing Auditing Standard No. 2 and the required audits of internal control over financial reporting. In March, the oversight body adopted AS No. 2, which is titled "An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements." The standard addresses both the work that is required to audit internal control over financial reporting and the relationship of that audit to the audit of the financial statements. The requirement pertains to companies with more than $75 million in market capitalization. It is in effect for fiscal years ending on or after Nov. 15, 2004.

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