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Proposed Statement On Standards For Attestation Engagements: Reporting On An Entity’S Internal Control Over Financial Reporting (To Supersede Chapter 5, €Œreporting 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; Exposure Draft (American Institute Of Certified Public Accountants), 2006, Jan. 19, American Institute Of Certified Public Accountants. Auditing Standards Board

Exposure Drafts, Comment Letters, and Statements of Position

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 …