STATEMENT ON AUDITING PROCEDURE
Reports on Internal Control Based on Criteria Established By Governmental Agencies
1. Following the issuance of Statement on Auditing Procedure No. 49, "Reports on Internal Control," some governmental agen-cies* have commenced or completed audit guides, questionnaires, or other publications that set forth criteria for evaluation of the adequacy for their purposes of internal control procedures of organizations with which they are concerned. Other agencies have been encouraged to do so in Suggested Guidelines for the Structure and Content of Audit Guides Prepared by Federal Agencies for Use by CPAs, which was issued in March 1972 by the Committee on Auditing for Federal Agencies of the American Institute of Certified Public Accountants. The purpose of this Statement is to supplement Statement on Auditing Procedure No. 49 by dealing more specifically with reports on internal control based on criteria established by agencies in reasonable detail and in terms susceptible to objective application. This Statement does not apply if such criteria have not been established.
* The concepts expressed in this Statement also apply to reports for zations, such as stock exchanges, that exercise regulatory, supervisory, or other public administrative functions.
Issued by the Committee on Auditing Procedure American Institute of Certified Public Accountants
COPYRIGHT 1972 BY THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, INC.
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