CCH Learning Center

Auditing Issues: Implementation Issues in an Audit of Internal Control Under PCAOB Standards

In mid-2005 the PCAOB provided implementation guidance on certain auditing practices, observed in the first year of implementation of Auditing Standard No. 2, which the Board perceived to be ineffective or inefficient means of meeting AS-2 issues objectives.

It also issued staff questions and answers covering AS-2 implementation issues. In late 2005 it released its Report on the Initial Implementation of Auditing Standard No. 2, discussing issues that the Board identified in its monitoring of the implementation of AS-2.

This course provides a review of those topics and discusses the application of the Policy Statement on its implementation, as well as the various staff questions and answers, in order to address the issues raised by the Board's Report on Implementation.

This material will be useful primarily to auditors of SEC issuers. Auditors of non-issuers, however, can benefit from some of the practical and philosophical observations.