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Statements of Position

1989

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

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Proposed Audit And Accounting Guide For Consideration Of The Internal Control Structure In A Financial Statement Audit ;Consideration Of The Internal Control Structure In A Financial Statement Audit; Exposure Draft (American Institute Of Certified Public Accountants), 1989, Aug. 21, American Institute Of Certified Public Accountants. Control Risk Audit Guide Task Force Jan 1989

Proposed Audit And Accounting Guide For Consideration Of The Internal Control Structure In A Financial Statement Audit ;Consideration Of The Internal Control Structure In A Financial Statement Audit; Exposure Draft (American Institute Of Certified Public Accountants), 1989, Aug. 21, American Institute Of Certified Public Accountants. Control Risk Audit Guide Task Force

Statements of Position

In February 1988, the Auditing Standards Board issued SAS No. 55, Consideration of the Internal Control Structure in a Financial Statement Audit. SAS No. 55 requires that, in every audit, the auditor: 1. Obtain an understanding of each of the elements (control environment, accounting system, and control procedures) of the internal control structure sufficient to plan the audit, and 2. Assess control risk for assertions related to account balances and transaction classes. This proposed guide was prepared to illustrate how SAS No. 55 might be applied by auditors in certain situations. Specifically, this proposed guide does this by illustrating two ...