Proposed statement on auditing standards: Communication of internal control related matters noted in an audit (To supersede Statement on Auditing Standards No. 60, Communication of Internal Control Related Matters Noted in an Audit), September 1, 2005; Exposure draft (American Institute of Certified Public Accountants), 2005, Sept. 1

Authors

American Institute of Certified Public Accountants. Auditing Standards Board

Files

Description

This Statement establishes standards and provides guidance for communicating matters related to an entity's internal control over financial reporting1 observed during an audit of financial statements.2 The internal control related matters specified by this Statement should be communicated to management and those charged with governance. The term those charged with governance refers to the person(s) with responsibility for overseeing (a) the strategic direction of the entity and (b) the entity’s financial reporting and disclosure process. In most entities, governance is a collective responsibility that may be carried out by a board of directors, a committee of the board of directors (for example, an audit committee), management, a committee of management (for example, a finance or budget committee), partners, or equivalent persons. In some smaller entities, one person may be charged with governance, for example, the owner in an owner-managed entity, or a sole trustee. Therefore, in some cases management and those charged with governance are the same people.

Publication Date

9-1-2005

Relational Format

Book

Publisher

American Institute of Certified Public Accountants

Keywords

Auditing, Internal --Standards -- United States

Disciplines

Accounting

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Recommended Citation

American Institute of Certified Public Accountants. Auditing Standards Board, "Proposed statement on auditing standards: Communication of internal control related matters noted in an audit (To supersede Statement on Auditing Standards No. 60, Communication of Internal Control Related Matters Noted in an Audit), September 1, 2005; Exposure draft (American Institute of Certified Public Accountants), 2005, Sept. 1" (2005). Exposure Drafts, Comment Letters, and Statements of Position. 322.
https://egrove.olemiss.edu/aicpa_sop/322

Accessibility Status

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