Washington (July 30, 2003) -- The Public Company Accounting Oversight Board asked for, and received an earful of conflicting recommendations from accounting industry representatives who offered diverse opinions on the prickly issue of whether external auditors should rely on the work of their client’s internal audit group.
The issue surfaced Tuesday during a day-long “roundtable” meeting in Washington as PCAOB called together more than 20 representatives from the Big Four accounting firms, Fortune 500 corporations, federal and state regulatory agencies, and several major financial institutions to help hammer out new standards for accounting firms to use in testing and reporting on the internal controls of their audit clients.
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