Auditing and Financial Management:
July 12, 2007, letter commenting on the SEC Solicitation of Comments on the filing of the Proposed Rule on Auditing Standard No. 5, An Audit of Internal Control over Financial Reporting That is Integrated with an Audit of Financial Statements, and Related Independence Rule and Conforming Amendments
Jul 12, 2007
This letter provides the U.S. Government Accountability Office's (GAO) comments on the Securities and Exchange Commission's (SEC) Solicitation of Comments on the filing of the proposed rule for an audit of internal control over financial reporting that is integrated with the audit of financial statements. On February 26, 2007, GAO sent a letter to the Public Company Accounting Oversight Board (PCAOB) laying out its concerns with its December 19, 2006, draft of this proposed auditing standard.