PCAOB adopts material weaknesses standard.

• Author: Swartz, Nikki
• Position: UP FRONT: News, Trends & Analysis

[ILLUSTRATION OMITTED]

The Public Company Accounting Oversight Board (PCAOB) adopted an auditing standard for reporting on whether a previously reported material weakness continues to exist. The standard, PCAOB Auditing Standard No. 4, establishes requirements and provides direction that apply when an auditor is engaged to report on whether a previously reported material weakness in internal control over financial reporting continues to exist as of a date...