• PCAOB Proposes Auditing Standard on Reporting Whether a Previously Reported Material Weakness Continues to Exist
  • April 4, 2006
  • Law Firm: Paul, Weiss, Rifkind, Wharton & Garrison LLP - New York Office
  • The SEC has issued a release (Release No. 34-52990) to solicit comment on the PCAOB's proposed auditing standard governing the engagement of an auditor to report on whether a previously reported material weakness continues to exist. The proposed standard addresses the desire of registrants to obtain an opinion on the status of a material weakness as of an interim date instead of having to wait until the year-end audit of it's financial statements and internal control over financial reporting.