PCAOB considers revised auditing standard on internal control over financial reporting

05 December 2006

The Public Company Accounting Oversight Board has announced to consider proposing a new auditing standard to supersede the Board’s existing auditing standard on internal control over financial reporting, and other related proposals.

“We are concerned that the costs (of the Sarbanes-Oxley Act's) are not adequately aligned with the benefits”, said Chairman Mark Olson. “For its part, the PCAOB will consider changes to the auditing standard on internal control over financial reporting that provide for a much more efficient, risk-based, scalable implementation.”

Press release

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