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Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release May 16, 2005 #05-27
E-mail: [email protected]

ACB COMMENDS PCAOB POLICY STATEMENT

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Statement by Diane Casey-Landry, president and CEO, America’s Community Bankers, on the policy statement issued today by the Public Company Accounting Oversight Board:

America’s Community Bankers commends the Public Company Accounting Oversight Board for the directness and specificity of its policy statement to auditors on internal control audits. The statement addresses the concerns and experiences of community banks that ACB has expressed in letters to the PCAOB and in person at its roundtable discussion in April.

We hope the auditors will implement the directives contained in the policy statement, and we are encouraged that the PCAOB says that when it detects shortcomings, it will “demand improvements.”

ACB is particularly pleased that the PCAOB agrees that the costs of implementing section 404, especially to smaller companies, have been too high. As the PCAOB said, integrating internal control and financial statement audits and focusing on higher-risk issues rather than standardized checklists will help reduce the costs.

Community banks also welcome the section of the policy statement dispelling the misconception that auditors cannot give advice to clients.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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