February 17, 2006
What wonderful news Another roundtable re Standard No. 2. . . The May 16, 2006 Policy Statement. . .PCAOB Release No. 2005-009 focused on Implementation of Auditing Standard No. 2 . . I was looking for some awareness of the thoughtful respondents who felt that a far more basic review seemed prudent, but didn't find it in the Release.
Now both Mr. Cox and Mr. Gradison are indicating a willingness "to make internal control requirements more efficient. . including modifications. . ." The guidance could provide, also, more effectiveness than the current requirements assure, possible. . . . the unrelenting focus on cost vs benefits possibly obscured some more basic flaws in the structure. . . . the efforts were in good faith given the shocks of a cascade of alleged audit failures. . . now, a more reasoned basic review is so wise. Bravi to the leadership.
Mary Ellen Oliverio