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Most Auditors Ace Internal Controls Tests

While the PCAOB's year-one review of its revised standard for auditing financial-reporting controls offers praise, it also outlines some problem areas.

September 25, 2009

Auditors mostly did a good job of complying with Auditing Standard No. 5 during 2008, the standard's first full year of effectiveness, the Public Company Accounting Oversight Board said in a report released Thursday. But the PCAOB also revealed in its review of how 250 audits conformed to the new standard — which governs auditor attestations of internal controls over financial reporting — that some auditors fell short in many different ways. Read more...

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