Examing Internal Control in an Integrated Audit
...companion” documents, where the first of those documents provides guidance related to communicating significant deficiencies and material weaknesses noted in performing financial statement audits. The “companion” document related to internal control issues is in SSAE No. 15
Published on November 12, 2008
Reporting on the Design of Internal Control
As discussed in previous reports, in September 2008, the ASB issued two companion documents, where the first of those documents provides guidance related to communicating significant deficiencies and material weaknesses noted in performing financial statement audits.
Published on December 10, 2008
AU-C Section 265 Communicating Internal Control Related Matters
In implementing the clarified auditing technical literature guidance, auditors will notice some modifications associated with requirements that need to be addressed when considering required control deficiency communications with those charged with governance and management
Published on July 04, 2012
Changes to the Auditors Risk Assessment in Light of the Updated COSO Internal Control Framework
Many auditors will need to reconsider or change their risk assessment procedures in light of the updated COSO Internal Control Framework
Published on December 17, 2014
Service Organization Control (SOC) Reporting Focusing On Some Engagement Issues
In 2011, to provide the framework for practitioners to examine controls and to help management understand the related risks, the AICPA established three Service Organization Control® [SOC] reporting options [SOC 1, SOC 2 and SOC 3 reports
Published on January 15, 2014
SAS No. 115 Audit Risk Alert Guidance
...the Audit and Attest Standards Staff, has released some implementation guidance that should be very helpful to practitioners in their efforts to appropriately-implement the new SAS No. 115, control deficiency evaluation and communication requirements
Published on February 18, 2009
Peer Review Feedback -- Some Frequently-Encountered Deficiencies
In the peer review process, peer reviewers document areas where firms encounter difficulties in complying with attest engagement technical literature requirements.
Published on June 05, 2013
Employee Benefit Plan Audits Considering Some Risk Assessment Issues
Audit risk is the risk that an auditor expresses an inappropriate audit opinion when financial statements are materially misstated. Audit risk is a function of the risks of material misstatement and detection risk.
Published on July 17, 2013
Audit Planning Issues The Importance of Risk Assessment
Discussions in these materials are focused on some of the more common pitfalls and issues associated with the risk assessment process and on providing a refresher on some of the key points that need to be addressed in implementing the risk assessment technical literature requirements.
Published on January 15, 2014
Auditing Financial Statements of NFP Entities Some Clarified Auditing Standards Requirements
Since it is not uncommon for not-for-profit [NFP] entities to have September 30 fiscal year-ends, many auditors now are planning to implement the clarified auditing standards in NFP entity audits for the first time.
Published on June 19, 2013