Release Date: Dec 19, 2006Contact: 888-249-NEWS
U.S. Chamber Welcomes Revised Auditing Standard
Changes Are Necessary, Says Business Group
WASHINGTON, D.C.-U.S. Chamber of Commerce Senior Vice President and Chief Legal Officer David Chavern issued the following statement regarding the Public Company Accounting Oversight Board's (PCAOB's) proposal to replace the current auditing standard governing internal control requirements under the Sarbanes-Oxley Act:
"We applaud PCAOB Chairman Mark Olson's move towards an improved auditing standard governing internal controls. He's identified useful goals to revise the standard, namely outlining a principles- and risk-based, top-down approach in order to focus on true problem areas. We are hopeful that these changes will bring the cost-benefit back into alignment. We look forward to fully reviewing the proposal, commenting on it, and working with the PCAOB to implement a revised standard that protects investors and promotes greater transparency without imposing unnecessary and expensive burdens on public companies."
The U.S. Chamber of Commerce is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.
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