The Public Company Accounting Oversight Board and the Securities and Exchange Commission of the U.S. have released Auditing Standard No. 5. This new standard has been released to fill the void created by the fact that Sarbanes Oxley Act 404 which had rendered the earlier Auditing Standard No. 2. According to this new byproduct of the Sarbanes Oxley Act 404, the auditors are now required to make an assessment of the design effectiveness and operational effectiveness of the internal controls which have been implemented by the company in relation to significant accounts and relevant assertions.
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