Statements on Auditing Standards

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Description

This amendment revises the definition and description of internal control contained in SAS No. 55, Consideration of the Internal Control Structure in a Financial Statement Audit, to recognize the definition and description contained in Internal Control-Integrated Framework, published by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO report). The Auditing Standards Board (ASB) believes the COSO report is rapidly becoming a widely accepted framework for sound internal control among United States organizations and its acceptance and use will continue to grow. Therefore, the ASB believes it is appropriate to revise SAS No. 55 to recognize the definition and description of internal control contained in the COSO report to provide timely and useful guidance to auditors. New language is shown in boldface italics. In addition, conforming changes to the title, paragraphs 3 through 5, and 23 through 65 of SAS No. 55 are made to change terminologysuch as (a) elements to components, (b) control procedures to control activities, (c) internal control structure to internal control, and (d) policies and procedures to controls (other than those for control activities)as well as paragraph numbers in cross-referencing. Appendixes A, B, C, and D of SAS No. 55 will be deleted by this amendment. The amendment is effective for audits of financial statements for periods beginning on or after January 1, 1997. Early application of the provisions of this Statement is permitted.

Publication Date

1995

Relational Format

pamphlet

Keywords

Auditing -- Standards -- United States; Financial statements -- Auditing -- Standards; Audited financial statements -- Standards -- United States; Auditing, Internal -- Standards -- United States

Disciplines

Accounting | Taxation

Comments

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

Consideration of internal control structure in a financial statement audit : an amendment to SAS no. 55; Statement on auditing standards, 078

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