• INTERNAL CONTROL OVER FINANCIAL REPORTING – Learn about the SEC and PCAOB activities related to internal control over financial reporting.
  
  
• SEC RULES ON AUDITOR INDEPENDENCE - Learn about the SEC auditor independence rules and read FAQs issued by the SEC staff.
  
  
• SEC ADVISORY COMMITTEE ON SMALLER PUBLIC COMPANIES (CAQ Members Only)

  The overarching principle of the SEC Advisory Committee on Smaller Public Companies is investor protection and their goal is to understand the cost-benefit relationship of the current regulatory system on smaller public companies and to also understand the impact that the Sarbanes-Oxley Act of 2002 and other aspects of the federal securities laws have on smaller public companies. CAQ members can view in-depth summaries of the Activities of the SEC Advisory Committee, organized in chronological order.

  Those who are non-CAQ members, or are ineligible for CAQ membership, can view the SEC Spotlight on the SEC Advisory Committee.
  
  

• SEC AND PCAOB ROUNDTABLE ON SOX 404 (CAQ Members Only)

  In May 2006, the PCAOB and SEC sponsored a roundtable to discuss second-year experiences with the reporting and auditing requirements of the Sarbanes-Oxley Act of 2002 (SOX) related to companies' internal control over financial reporting. Roundtable panelists consisted of issuers, auditors, investors and other interested parties.
  
  The previous roundtable, hosted by the SEC in April of 2005, discussed internal control reporting first-year experiences under Section 404 of SOX and it included experiences of both registrants and accounting firms. The SEC Staff has had discussions with various standard setters, investor groups, registrant organizations, accounting firms and others regarding Section 404 and this roundtable provided a venue to further discuss what has and has not worked well during the 404 implementation process.

  CAQ members can view in-depth summaries of the First Roundtable on SOX 404 and Second Roundtable on 404.

  Those who are non-CAQ members, or are ineligible for CAQ membership, can view the SEC Spotlight on Internal Control Reporting Provisions which includes information on the 2005 and 2006 roundtables.
  
  
• PCAOB INSPECTIONS
  
  In our continued effort to provide you with the tools and resources necessary in improving the quality of audits of public companies, the Center for Audit Quality has been compiling the deficiencies cited in the public portion of the PCAOB inspection reports, and analyzing other pertinent data to bring you a comprehensive summary of analyses for your use within your firms.
  
  
  • Smaller Firm PCAOB Inspection Deficiency Analysis (Audit less than 100 SEC Issuers) (CAQ Members Only)
    
    Large Firm PCAOB Inspection Deficiency Analysis (Audit more than 100 SEC Issuers) (CAQ Members Only)
    
    
  • For those who are non-CAQ members, or are ineligible for CAQ membership, and are interested in learning more about PCAOB inspections visit the PCAOB’s Web site.
    
    
• COSO
  
  The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a voluntary private sector organization dedicated to improving the quality of financial reporting. The COSO web site is www.coso.org.
  Learn more about COSO initiatives>>
  
  
• CAQ COMMENT LETTERS REGARDING SOX
  
  

  • July 12, 2007- CAQ Comment Letter to the SEC on Notice of Additional Solicitation of Comments on the Filing of Proposed Rule on 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
    

  • February 16, 2007 - CAQ Comment Letter to the PCAOB on Proposed Auditing Standard – An Audit of Internal Control Over Financial Reporting that is Integrated with an Audit of Financial Statements (Docket No. 021). CAQ Members can view a Summary of the Comment Letter.
    
    
  • February 16, 2007 - CAQ Comment Letter to the SEC on Management Guidance on Internal Control Over Financial Reporting. CAQ Members can view a Summary of the Comment Letter.
    
    
  • September 18, 2006 - CAQ Comment Letter to the SEC Regarding the Concept Release Concerning Management's Reports on Internal Control Over Financial Reporting. CAQ Members can view a High-Level Summary of the CAQ Comment Letter.
    
    
  • September 14, 2006 - CAQ Comment Letter to the SEC on Internal Control Over Financial Reporting In Exchange Act Periodic Reports of Non-Accelerated Filers and Newly Public Companies. CAQ Members can view a High-Level Summary of the CAQ Comment Letter.
    
    
  • December 30, 2005 – CAQ Comment Letter to COSO Regarding: COSO Guidance for Smaller Public Companies Reporting on Internal Control over Financial Reporting - On behalf of member firms, CAQ submitted a comment letter to COSO regarding their exposure draft entitled, Guidance for Smaller Public Companies Reporting on Internal Control Over Financial Reporting. CAQ Members can view a High-Level Summary of the CAQ Comment Letter.
    
    
  • October 31, 2005 – CAQ Comment Letter to the SEC on SOX 404 Reporting Requirements for Non-Accelerated Filers - Upon the further one year extension for the SOX 404 reporting requirements for non-accelerated filers to the first fiscal year ending on or after July 15, 2007, the SEC requested feedback on the application of the internal control reporting requirements under SOX 404 for non-accelerated filers. CAQ Members can view a High-Level Summary of the CAQ Comment Letter.
    
    
  • September 2, 2005 – CAQ Comment Letter to the SEC Advisory Committee on Smaller Public Companies - CAQ submitted written comments to the SEC Advisory Committee on Smaller Public Companies in response to certain questions posed by the Advisory Committee in its request for input on ways to improve the current regulatory system for smaller public companies under the securities laws of the United States, including the Sarbanes-Oxley Act of 2002. CAQ Members can view a High-Level Summary of the CAQ Comment Letter.
    
    
  • May 31, 2005 – CAQ Comment Letter to the SEC Advisory Committee on Proposed Committee Agenda - CAQ submitted written comments to the SEC Advisory Committee on Smaller Public Companies in response to their proposed agenda, including feedback on challenges that public company clients face in meeting the regulatory requirements under SOX. CAQ Members can view a High-Level Summary of the CAQ Comment Letter.
    
    
  • April 4, 2005 – CAQ Issues SOX 404 Feedback Letter to the SEC in Preparation for Roundtable on Section 404 Internal Control Reporting Experiences - On behalf of member firms, the CAQ submitted written feedback to the SEC on member firms’ experiences with the implementation of the auditing and reporting requirements under Section 404 of the Sarbanes-Oxley Act. The Center provides recommendations within this letter for ways to make Section 404 implementation more efficient and effective.
    
    
• AUDITNG AN SEC ISSUER UNDER SARBANES-OXLEY
  
  
  • View the CAQ Auditing Resource Page.

For additional assistance with SOX matters, call the CAQ Resource Line at 888-817-3277 or send an email to center@theCAQ.org.