Washington, D.C., Jan. 23, 2009
The Public Company Accounting Oversight Board today published Staff Views – An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements: Guidance for Auditors of Smaller Public Companies .
Auditing Standard No. 5 - An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements, provides direction to auditors on scaling the audit based on the company's size and complexity. The guidance explains how auditors can apply the principles in Auditing Standard No. 5 to audits of smaller, less complex public companies.
The staff guidance reflects consideration of comments received on the preliminary views guidance that was issued in October 2007. The revisions - discussed in Appendix B of the guidance – represent clarifications only; they do not change the fundamental principles in the preliminary views issued.