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This Statement was issued: (1) To emphasize the importance of internal control to audit planning by broadening the auditor's responsibility to study and evaluate internal control when planning an audit; (2) To clarify and bring up to date the guidance on the auditor's study and evaluation of internal control by incorporating the concepts concerning audit evidence and audit risk that have evolved in practice and that have been established in auditing standards issued subsequent to the issuance of AU section 320, The Auditor's Study and Evaluation of Internal Control (AICPA Professional Standards, Vol. 1).
Auditing, Internal -- United States -- Evaluation
Accounting | Taxation
American Institute of Certified Public Accountants. Auditing Standards Board, "Proposed statement on auditing standards : The auditor's responsibility for assessing control risk ;Auditor's responsibility for assessing control risk" (1987). Statements of Position. 503.