The Public Company Accounting Oversight Board has issued staff guidance on auditing internal controls in smaller public companies, allowing less complex companies to adjust more easily to a recently issued auditing standard for Sarbanes-Oxley compliance.
Auditing Standard No. 5 offers more of a risk-based approach to conducting audits of internal controls than its predecessor, Auditing Standard No. 2. "AS5 provides a single framework for all companies that have to audit internal controls in a way that's scalable to all sizes of companies," said Tom Ray, chief auditor and director of professional standards at the PCAOB. "This document feeds off of those areas in AS5 and provides further direction tailored to the unique circumstances of the smaller public companies."
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