The Sarbanes-Oxley Act (the Act) and related auditing standards have been the subject of recent criticism due to some unforeseen consequences in their implementation. In an effort to remediate these problems, the Public Company Accounting Oversight Board (PCAOB, the Board) has proposed a new auditing standard that, if passed, would replace Auditing Standard II, An Audit of Internal Control over Financial Reporting in Conjunction with and Audit of Financial Statements. This proposal came in response to feedback submitted by those involved with compliance as well as the results of two roundtable discussions held on the topic. The purpose of this paper is to evaluate the criticism and suggestions, as set forth by the respondents to the PCAOB’s inquiry and the roundtable participants, to determine whether this proposal properly addresses those issues while still upholding the overall intention of the act.
Sentar, Allison, "Sarbanes-Oxley and Auditing Standards II : Criticism and Revision" (2007). Honors College Theses. 53.