Statements on Accounting Standards

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Description

This Statement establishes a requirement that the auditor communicate to senior management and the board of directors or its audit committee material weaknesses in internal accounting control that come to his attention during an examination of financial statements made in accordance with generally accepted auditing standards. Except for certain modifications to the form of report, this Statement does not address the subject of reporting to the public (investors and others who rely on published financial information) on a company's system of internal accounting control. Reports to the public on material weaknesses in the system are permitted by section 640 of SAS No. 1. The Committee is continuing its consideration of the significant underlying issues of other forms of reporting to the public on a system of internal accounting control.

ISBN

sas20 with cover

Publication Date

1977

Relational Format

pamphlet

Keywords

Auditing -- Standards -- United States; Disclosure in accounting; Corporations -- Auditing

Disciplines

Accounting | Taxation

Comments

Copyright and permission to reprint held by: American Institute of Certified Public Accountants

Required communication of material weaknesses in internal accounting control

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