The Board found that many audits were not as effective as they might have been, and offers suggestions
After monitoring the implementation of Auditing Standard No. 2 the Public Company Accounting Oversight Board has issued a report on the problems it found.
Auditing Standard No. 2 concerns Sarbanes-Oxley Sections 404 and 103 and the process of auditing a corporation's internal controls. The report describes how audits could be more effective and efficient in the future, using less time and resources to locate the material needed to form an auditor's opinion.
On May 16 the Board had issued a policy statement that also pointed out auditing practices that had proven ineffective or inefficient for meeting Auditing Standard No. 2.
Source: IT Compliance Institute
