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.
Deputy Chief Accountant
Office of the Chief Accountant
U.S. Securities and Exchange Commission
May 4, 2007
The Securities and Exchange Commission, as a matter of policy, disclaims responsibility for any private publication or statement by any of its employees. The views expressed herein are those of the author and do not necessarily reflect the views of the Commission or of the author’s colleagues upon the staff of the Commission.
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