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ARTICLE · 27 JUNE 2005

U.S. Securities and Accounting Regulators Give New Guidance on Internal Controls Audits

Osler, Hoskin & Harcourt LLP
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Management and auditor concerns about the significant costs of compliance with Section 404 of the Sarbanes-Oxley Act have spurred the SEC and PCAOB to issue additional guidance on internal control audits.

CanadaAccounting and Audit
Robert Lando
Robert Lando
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Management and auditor concerns about the significant costs of compliance with Section 404 of the Sarbanes-Oxley Act have spurred the SEC and PCAOB to issue additional guidance on internal control audits.

In April, the U.S. Securities and Exchange Commission hosted a roundtable on issues that arose during the implementation of new requirements for auditor review of internal controls over financial reporting. On May 16, 2005, in response to concerns raised at the roundtable, the SEC and the Public Company Accounting Oversight Board (PCAOB) issued additional guidance and clarification on issues affecting compliance costs and recommendations for improvements to the audit process, including:

  • Management and external auditors should bring reasoned judgment to the process and use a top-down approach in designing internal controls, tailoring the controls to the risks of the company’s business, identifying only those accounts and processes that are, in fact, relevant to financial

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