The Standing Advisory Group of the Public Company Accounting Oversight Board will meet next month to discuss topics related to the implementation of PCAOB Auditing Standard No. 2, which deals with internal control audits.
During the public meeting, three panels comprised of representatives from public companies, accounting firms and small businesses will discuss their experiences with audits of companies' internal control over financial reporting.
A panel of auditors will discuss their strategies to improve the effectiveness and efficiency of future audits of internal control. The panel will provide the SAG with information about how the first year's experience and the guidance issued by the PCAOB and the Securities and Exchange Commission this month will affect their approaches to auditing internal control over financial reporting in the coming year; aspects of the audit process that they plan to change in 2005; what aspects of their audit process worked well last year; and potential strategies for better integrating the audit of internal control over financial reporting with the audit of the financial statements.
Individuals associated with issuers will discuss how their first year's experience in implementing Section 404 will affect their approaches to the process in the coming year; what changes should be made to the process; what aspects of the process they believe worked well last year; and what they plan to retain in 2005.
Members of the small business panel will provide the SAG with information about approaches to auditing internal control over financial reporting in a small-business environment; how experiences implementing Section 404 and the guidance issued by the PCAOB and SEC will affect their approaches to implementation in the coming year; and successful documentation strategies for management of small businesses and their auditors.
The agenda and briefing paper for the meeting can be found at www.pcaobus.org/News_and_Events/Events/2005/06-08-09.asp. The meeting, which will take place June 8 and 9 at the Ronald Reagan Building and International Trade Center in Washington, is open to the public and will be Webcast on the board's Web site, www.pcaobus.org.
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