More guidance for audits of internal controls.

• Position: PCAOB Update - Public Company Accounting Oversight Board - Brief Article

The PCAOB has issued the third in its series of staff guidance to help auditors and issuers implement PCAOB Auditing Standard No. 2, regarding audits of public companies' internal control over financial reporting.

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The guidance emphasizes the flexibility provided by Auditing Standard No. 2 in several areas, including audits of multi-national companies that involve the work of more than one auditor; audits of federally insured financial institutions; the...