The Public Company Accounting Oversight Board's Standing Advisory Group met to discuss reports addressing the audit implications of International Financial Reporting Standards in SEC filings, as well as changes in market responses to financial restatements post-Sarbanes-Oxley.

The first paper came in response to the SEC's proposal to no longer require companies to reconcile the financial statements they file in IFRS with U.S. generally accepted accounting principles. The PCAOB has been looking at the auditing implications. However, there are a number of wrinkles to consider.

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