The audits of non-accelerated filers—companies that have a public float of $75 million or less—will start complying with the standard for annual reports filed for fiscal years ending on or after December 15, 2008. The SEC recently extended the deadline to give smaller companies time to consider PCAOB's changes. "The board is encouraging auditors, investors, issuers, and all others that rely on corporate financial statements to inform us on whether we have clarified our expectations, reduced unnecessary work, yet retained the important benefits of an audit of internal control," Olson said.
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Reader CommentsDisplaying 3 of 6
Tad DeOrio
Jan 16, 2007 12:35 PM ET
Fumbling in the Dark
In the frenzy to 'fix' accounting and audits to prevent frauds, the profession seems to be digging a deeper … more
Robert Briscoe
Jan 15, 2007 5:43 AM ET
AS2 Repeal? A Bad Idea! Reply
There may be more instances of material misstatements than we would imagine within public companies, but it is likely a … more
Want_to Remain_Anonymous
Dec 22, 2006 8:56 AM ET
AS2 Repeal? A Bad idea!
As a mid-level accounting analyst I would like everyone to think about the purpose of section 404 and the problems it … more
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