AICPA seeks comments on exposure draft, Reporting on Internal Control.The AICPA's Auditing Standards Board In the United States, the Auditing Standards Board (ASB) is the senior technical committee designated by the American Institute of Certified Public Accountants (AICPA) to issue auditing, attestation, and quality control statements, standards and guidance to certified public has issued an exposure draft of a proposed statement on standards for attestation The act of attending the execution of a document and bearing witness to its authenticity, by signing one's name to it to affirm that it is genuine. The certification by a custodian of records that a copy of an original document is a true copy that is demonstrated by his or her engagements that would supersede To obliterate, replace, make void, or useless. Supersede means to take the place of, as by reason of superior worth or right. A recently enacted statute that repeals an older law is said to supersede the prior legislation. AT 501, Reporting on an Entity's Internal Control Over Financial Reporting, with the same title. The standard has been revised to reflect certain definitions in Public Company Accounting Oversight Board The Public Company Accounting Oversight Board (or PCAOB) (sometimes called "Peekaboo") is a private-sector, non-profit corporation created by the Sarbanes-Oxley Act, a 2002 United States federal law, to oversee the auditors of public companies. Auditing Standard No. 2, An Audit of Internal Control Over Financial Reporting Performed in Conjunction With an Audit of Financial Statements, as well as guidance that would be applicable to and appropriate for examinations of the internal control of non-issuers, and useful to regulated reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. entities, such as financial institutions, insurance companies and governmental entities. The ED is intended to enhance a practitioner's ability to identify and evaluate control deficiencies and to report on internal control. The comment period ends on May 19. The ED is available at: [email] www.aicpa.org/members/div/auditstd/ Internal_Control_Financial_Reporting.htm |
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