Conference on Accountants’ Liability ALI-ABA. Zoe-Vonna Palmrose Deputy Chief Accountant Professional Practice Office of the Chief Accountant U.S. Securities and Exchange Commission May 4, 2007.
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Deputy Chief Accountant
Office of the Chief Accountant
U.S. Securities and Exchange Commission
May 4, 2007
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Key Attributes of the Proposed Guidance:
PCAOB proposed standard
Removes the requirement to evaluate management’s process
Proposes one audit report on ICFR (not two)
SEC Proposed Amendments to Regulation S-X
Accountant’s ICFR Report
Involves identifying the financial reporting risks and the controls that adequately address these risks.
Involves evaluating the operating effectiveness of the controls identified in Phase 1, and determining the evidence needed to support the assessment, using evaluation procedures tailored to the risk assessment.
Involves reporting on the effectiveness of ICFR, including disclosing any material weaknesses identified during the evaluation process.
SEC Open Commission Meeting