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Internal -- Standards -- United States

1995

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Consideration Of Internal Control Structure In A Financial Statement Audit : An Amendment To Sas No. 55; Statement On Auditing Standards, 078, American Institute Of Certified Public Accountants. Auditing Standards Executive Committee Jan 1995

Consideration Of Internal Control Structure In A Financial Statement Audit : An Amendment To Sas No. 55; Statement On Auditing Standards, 078, American Institute Of Certified Public Accountants. Auditing Standards Executive Committee

Statements on Auditing Standards

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 ...