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Standards
Auditing Standard No. 2 - An Audit of Internal Control Over Financial Reporting Performed in Conjunction With An Audit of Financial Statements

Auditing Standard No. 5 - An Audit of Internal Control Over Financial Reporting That is Integrated With an Audit of Financial Statements and related Independence Rule and Conforming Amendments PCAOB Rulemaking Docket

Part 1
Standard 5 has adopted the same definitions for significant deficiencies and material weakness that the Securities Exchange Commission (SEC) uses. Significant deficiency is defined as “a deficiency, or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit attention by those responsible for oversight of the registrant’s financial reporting.” Material weakness if defined as “a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there a reasonable......

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Approximate Word Count: 516
Approximate Pages: 3 (250 words per double-spaced page)

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