Statement on auditing standards, 078

              Statement on December 1995
Auditing Standards
Issued by the Auditing Standards Board
AICPA
American Institute of Certified Public Accountants
Consideration of Internal Control
in a Financial Statement Audit:
An Amendment to SAS No. 55
( Amends Statement on Auditing Standards No. 55, Consideration of the
Internal Control Structure in a Financial Statement Audit, AICPA,
Professional Standards, vol. 1, AU sec. 319.01, .02, .06 through .22, and .66
through .69.)*
1. 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
* The amendments to SAS No. 55, paragraphs 1, 2, 6 through 22, and 66 through 69, are
made to recognize the definition and description of internal control contained in
Internal Control— Integrated Framework, published by the Committee of Sponsoring
Organizations of the Treadway Commission.
Copyright © 1995 by
American Institute of Certified Public Accountants, Inc.,
New York, NY 10036- 8775
All rights reserved. Requests for permission to make copies
of any part of this work should be mailed to Permissions Department, AICPA,
Harborside Financial Center, 201 Plaza Three, Jersey City, N] 07311- 3881.
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