A public meeting on December 19 will unveil a possible replacement for the current SOX section 404 auditing guidelines

12.6.06 The Public Company Accounting Oversight Board has set December 19 for an open meeting to discuss new standards for Sarbanes-Oxley section 404 audits of internal controls over financial reporting.

The new auditing standard will supersede the existing Auditing Standard Number 2.

It is expected that the new standard will clarify how thorough auditors need to be when reviewing internal controls over financial reporting.

There have been numerous complaints that the existing standard of thoroughness is too costly and burdensome.

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