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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. 1234567890 AudS 998765 78