The SEC and the PCAOB are making significant changes to both Sarbanes/Oxley and AS2 (Auditing Standard 2). What is due when and by whom? Here's the info you need.

If you are not already preparing the internal control report then 2007 is the year for management to prepare its report on internal controls for Sarbanes/Oxley Rule 404!  We're here to help, if you need us.

The auditor's attestation on this management report is delayed until 2008 for SB filers (less than $75 million in market cap).

Here is the SEC’s latest ruling:

http://www.sec.gov/rules/final/2006/33-8760.pdf

It is interesting to note that the SEC says that if they do not disclose additional guidance in sufficient time, they may very well extend the 12/15/07 deadline again for SB filers.

Here is the proposed guidance for management:

http://www.sec.gov/rules/proposed/2006/33-8762.pdf

Here is the SEC’s press release:

http://www.sec.gov/news/press/2006/2006-210.htm

In addition; the PCAOB has issued for public comment, and ultimately for SEC approval, AS5 (Audit standard #5); which will replace AS2.

This is the guidance for “Auditing Standard on Internal Control over Financial Reporting” which we, as your auditor, will implement. It’s interesting to note that their approach is to make it absolute to utilize an integrated auditing approach.  SS&C has always applied an integrated audit approach. In fact, this new AS5 will be very similar to the new risk based auditing SASs (104-111) established by the ASB for non-public companies.  These new SASs will be implemented in the 2008 audit season for fiscal years ending December 31, 2007.

http://www.pcaob.com/News_and_Events/News/2006/12-19.aspx

As a PCAOB registered accounting firm, we practice in front of the SEC and have been subjected to the requirements and implementation of Sarbanes/Oxley.  Many industries, which we specialize in, are now being impacted by the cascading effect of Sarbanes/Oxley.

Whether it be Banking, Insurance, Governmental, Non-Profit, or Publicly-Traded Corporations; SS&C is experienced and prepared to provide professional service to you.