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SEC, PCAOB Chiefs Testify on SOX

SEC, PCAOB Chiefs Testify on SOX

by Rick Turoczy on September 20, 2006

The committee also heard testimony from Mark Olson, chairman of the Public Company Accounting Oversight Board since July 2006. Olson said his board has established an independent auditor oversight program to protect the interests of investors, and is working to make internal control audits efficient by monitoring how auditors implement Auditing Standard No. 2 (an integrated audit of both internal control over financial reporting and the financial statements themselves).

The hearing came on the heels of a controversial move made by the PCAOB a week earlier, when the board dispatched investigators to a U.K. Ernst & Young office, raising questions about SOX’s reach and the PCAOB’s authority.

The SEC and PCAOB have been working together to make 404 compliance more efficient.

SEC, PCAOB Chiefs Testify on SOX

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