Statements of Position

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Description

This Statement establishes standards and provides guidance to a practitioner reporting on an entity's internal control over financial reporting (or on an assertion thereon)1,2 as of a point in time or for a period.3 Guidance is provided on examining: a. The design and operating effectiveness of an entity's internal control. b. The design and operating effectiveness of the internal control of a component of an entity, for example, an operating division of an entity or its accounts receivable function. (See paragraph 247.) c. The effectiveness of the design of an entity's internal control, including internal control that has not yet been placed in operation. (In such engagements, management makes no assertion about the operating effectiveness of internal control.) (See paragraphs 248 through 254.)4 d. The design and operating effectiveness of an entity's internal control based on criteria established by a regulatory agency. (See paragraphs 255 through 259.)

ISBN

ed06-01-19-15706

Publication Date

2006

Relational Format

Book

Keywords

Attest function (Auditing) -- Standards -- United States; Audited financial statements -- Standards -- United States

Disciplines

Accounting | Taxation

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants; Exposure draft (American Institute of Certified Public Accountants), 2006, Jan. 19

Proposed statement on standards for attestation engagements: Reporting on an entity’s internal control over financial reporting (To supersede Chapter 5, “Reporting on an Entity’s Internal Control Over Financial Reporting,” of Statement on Standards for Attestation Engagements No. 10, Attestation Standards: Revision and Recodification, as amended);Reporting on an entity’s internal control over financial reporting

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