Washington (March 10, 2004) -- The Public Company Accounting Oversight Board gave a thumbs up to a controversial new auditing standard that requires auditors to review and attest to the effectiveness of corporate internal control over financial reporting -- a mandate that some boardroom execs fear may sharply increase the cost and complexity of external audits.

The standard -- which must be approved by the Securities and Exchange Commission -- not only requires auditors to attest to the accuracy of management’s assessment of internal controls, but also details the work that accountants will have to perform as part of these audits.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access