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The good news is that regulators at the Public Company Accounting Oversight Board (PCAOB) and the Securities and Exchange Commission (SEC) are hard at work on revisions to Auditing Standard No. 2 (AS2) and the SEC’s own management guidance on how to properly assess internal controls. The bad? A final set of guidelines will not likely go into effect soon enough to help companies through the current calendar year reporting cycle. According to recent Con- gressional testimony by SEC chairman Christopher Cox, a final report is expected sometime in the first half of 2007. But that doesn’t mean a lot won’t happen between now and then. Speculation has it that the initial versions could be released for public comment as early as the end of October. According to SEC spokesman John Nester, the Commission’s goal has been to release “the proposed revisions to simplify AS2 contemporaneous with the management guidance that the SEC intends to promulgate so issuers know what’s expected of them.”

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