Academic journal article Journal of Accountancy

The AICPA's Auditing Standards Board Issued Two Final Standards on Internal Control

Academic journal article Journal of Accountancy

The AICPA's Auditing Standards Board Issued Two Final Standards on Internal Control

Article excerpt

The AICPA's Auditing Standards Board issued two final standards on internal control.

Statement on Standards for Attestation Engagements (SSAE) no. 15, An Examination of an Entity's Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements, converges the standards practitioners use for reporting on a nonissuer's internal control with the PCAOB's Auditing Standard no. 5, An Audit of Internal Control That is Integrated With an Audit of Financial Statements. The SSAE supersedes AT section 501, Reporting on an Entity's Internal Control Over Financial Reporting. It is effective for integrated audits for periods ending on or after Dec. 15, 2008. Earlier implementation is permitted. The SSAE is available at http://tiny url.com/56jxmf.

Statement on Auditing Standards (SAS) no. 115, Communicating Internal Control Related Matters Identified in an Audit, was issued to eliminate definitional differences within the AICPA's audit and attest standards resulting from the issuance of SSAE no. 15. The SAS supersedes AU section 325, Communicating Internal Control Related Matters Identified in an Audit. …

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