Board to Consider Standard Regarding Corrections of Material Weakness in Internal Control
The Public Company Accounting Oversight Board has scheduled an open meeting for 10 a.m. Thursday, March 31, to consider proposing an auditing standard for reporting on the elimination of material weaknesses in companies’ internal controls over financial reporting.
The meeting will be held in the Board’s open meeting room at 1666 K St. NW, Washington, D.C.
Section 404 of the Sarbanes-Oxley Act of 2002 requires auditors to report on companies’ internal control over financial reporting, a process governed by PCAOB Auditing Standard No. 2, "An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements."
The Board will consider proposing a standard that would permit, but not require, auditors to report on a company’s assertion that it had eliminated a previously reported material weakness in its internal control over financial reporting.