Board to Consider Standard on Remediation of Material Weaknesses, Rules on Auditor Independence and Tax Services

The Public Company Accounting Oversight Board has scheduled an open meeting for 10 a.m. Tuesday, July 26, in the Board’s 8th floor meeting room at 1666 K Street N.W., Washington, DC. The Board is scheduled to consider:

• Adopting an auditing standard on reporting on whether a previously reported material weakness continues to exist. This standard establishes requirements and provides direction that applies when an auditor is engaged to report on whether a previously reported material weakness in internal control over financial reporting continues to exist as of a date specified by management. The standard was proposed on March 31, 2005.
• Adopting rules concerning auditor independence and tax services. The Board proposed rules on this topic on December 14, 2004. Among other things, the Board’s proposed rules identify circumstances in which the provision of tax services impairs an auditor's independence.

The Board received and considered comments on the proposed standard and rules. The comments can be viewed under Rulemaking, Docket Number 17 and Docket Number 18, on the Board’s Web site at www.pcaobus.org.

The meeting is open to the public and will be webcast on the Board’s Web site.