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1. This Statement establishes a requirement for the auditor to determine that certain matters related to the conduct of an audit are communicated to those who have responsibility for oversight of the financial reporting process. For purposes of this document, the recipient of the communications is referred to as the audit committee. The communications required by this Statement are applicable to (1) entities that either have an audit committee or that have otherwise formally designated oversight of the financial reporting process to a group equivalent to an audit committee (such as a finance committee or budget committee) and (2) all Securities and Exchange Commission (SEC) engagements.
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Auditing -- Standards -- United States; Audit committees -- United States
Accounting | Taxation
American Institute of Certified Public Accountants. Auditing Standards Board, "Communication with audit committees" (1988). Statements on Auditing Standards. 63.