Washington (June 21, 2004) -- The Securities and Exchange Commission gave its approval to a Public Company Accounting Oversight Board standard related to internal control reporting and disclosure.
The standard, Auditing Standard No. 2, addresses the work that is required to audit internal control over financial reporting and the relationship of those audits to the audits of the financial statements. The standard is effective for audits of accelerated filers (U.S. companies with public float exceeding $75 million) for fiscal years ending on or after Nov. 15, 2004, and for other companies is effective for fiscal years ending on or after July 15, 2005.
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