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AICPA American Institute of Certified Public Accountants Communication With Audit Committees 1. This Statement establishes a requirement for the auditor to determine that certain matters related to the conduct of an audit are communicated to those who have responsibility for oversight of the financial reporting process. 1 For purposes of this document, the recipient of the communications is referred to as the audit committee. The communications required by this Statement are applicable to ( 1) entities that either have an audit committee or that have otherwise formally designated oversight of the financial reporting process to a group equivalent to an audit committee ( such as a finance committee or 1 Communication with the audit committee by the independent auditor on certain specified matters when they arise in the conduct of an audit is required by other standards, including— • SAS No. 60, Communication of Internal Control Structure Related Matters Noted in an Audit. • SAS No. 53, The Auditor's Responsibility to Detect and Report Errors and Irregularities. • SAS No. 54, Illegal Acts by Clients. • SAS No. 36, Review of Interim Financial Information ( AICPA, Professional Standards, vol. 1, AU sec. 722). This Statement does not modify the requirements of these standards. Copyright © 1988 by the American Institute of Certified Public Accountants, Inc. 1211 Avenue of the Americas, New York, N. Y. 10036- 8775 1234567890 AudS 898 Statement on Auditing Standards Issued by the Auditing Standards Board April 1988 61