The Public Company Accounting Oversight Board and the Securities and Exchange Commission will sponsor a roundtable on May 10, 2006, to discuss second-year experiences with the internal control reporting requirements under the Sarbanes-Oxley Act of 2002. The roundtable will be held from 9:00 a.m. to 5:30 p.m., E.D.T., at SEC headquarters, 100 F Street NE, Washington, DC.
Section 404(a) of the Act and the SEC's related implementing rules require the management of a public company to assess the effectiveness of the company's internal control over financial reporting. Sections 103 and 404(b) of the Act direct the PCAOB to establish professional standards governing the auditor's testing of the effectiveness of internal control and attesting to management’s assessment. Those standards are contained in PCAOB Auditing Standard No. 2.
The Commission and the Board participated in a roundtable discussion of the Act’s internal control requirements. Information regarding that roundtable is available at: http://www.sec.gov/spotlight/soxcomp.htm
The PCAOB and the Commission also announced that, in addition to the roundtable, they are seeking written feedback from auditors, investors, issuers and others on lessons learned from the first two years of applying the Act’s internal control reporting requirements and how the efficiency and effectiveness of those assessments and audits could be improved. The information that is submitted to either organization will become part of the public record of the roundtable.
Comments addressed to the PCAOB may be submitted electronically or by standard postal mail. Comments should be submitted by May 1, 2006, and will be made public via the Board's Web site.
Click here to use your default e-mail program to send comments. Comments must include "Internal Control Roundtable" in the subject line and may be in the body of the e-mail or included as an attachment. Preferred file formats for any attachment are Microsoft® Word and Adobe PDF in order to minimize any problems accessing your comments. If we encounter any problems accessing your file(s) we will use our best efforts to contact you.
Indicate "Internal Control Roundtable" in the reference line or at the beginning of your comments and send them to:Public Company Accounting Oversight BoardAttention: Office of the Secretary1666 K Street, NWWashington, DC 20006-2803