New SOX Rule Hopes To Track Misstatements

By Morgan Bettex

Law360, New York (August 05, 2008, 12:00 AM ET) -- The U.S. Securities and Exchange Commission has published a new rule that would require auditors evaluating financial statements under the Sarbanes-Oxley Act to report not only accounting inconsistencies but also misstatements.

The SEC published the rule, proposed by the Public Company Accounting Oversight Board, in the Federal Register on July 30 and is seeking comments from the public, which are due 21 days from the date of publication.

If approved, the new rule, known as Auditing Standard No. 6, and related amendments will update the auditor's...
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