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SEC, PCAOB Chairman Met Sunday To Iron Out Sarbanes-Oxley Differences

SEC, PCAOB Chairman Met Sunday To Iron Out Sarbanes-Oxley Differences

by Toby Lucich on November 13, 2006

Carrie Johnson of the Washington Post first reported Saturday that the Chairmen of the SEC and PCAOB were set to meet on Sunday Nov. 12 to iron out differences regarding the PCAOB’s planned revisions to its Auditing Standard No. 2 (AS2), particularly with respect to making it “scalable” for smaller companies, as reported Saturday in “SEC, Accounting Board To Weigh Sarbanes-Oxley Update.”

Johnson reported that the PCAOB board met in private for 90 minutes Friday to discuss a letter which SEC Chairman Cox sent to SEC Chairman Olson and the PCAOB board. Although the letter had not been released to the press, Johnson noted, “concern has persisted over the wording of the changes [to AS2], and what they mean in practice, which can be difficult to grasp for anyone who is not an accountant.” Several of Cox’ suggestions, say Johnson, stem from recomendations of the SEC Advisory Committee on Smaller Public Companies.

SEC, PCAOB Chairman Met Sunday To Iron Out Sarbanes-Oxley Differences

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