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Statement On Auditing Standards No. 55
Statement on Auditing Standards (SAS) No. 55: Consideration of Internal Control in a Financial Statement Audit, commonly abbreviated as SAS 55, is an auditing statement issued by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA) in April 1988. It requires the auditor to obtain an understanding of an entity’s internal control sufficient to plan any audit on such entity. Identifying and evaluating relevant controls is an important step in the user auditor’s overall audit approach. External linksAICPA Auditing in the United States [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statement On Auditing Standards (USA)
In the United States, Statements on Auditing Standards provide guidance to external auditors on generally accepted auditing standards (abbreviated as GAAS) in regards to auditing a non-public companyAICPA Operating Policies, pg. 1 and issuing a report. They are promulgated by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA), which holds all copyright on the Standards. They are commonly abbreviated as "SAS" followed by their respective number and title. With the permission of the AICPA, the full text of Standards 1–101 has been posted on the website of the Digital Accounting Collection at the J.D. Williams Library of the University of Mississippi. Links to these full-text records appear in the List of Statements of Auditing Standards below. List of Statements of Auditing Standards Pre-clarified Statements on Auditing Standards Clarified Statements on Auditing Standards SAS No. 122, ''Clarification and Recodification'', contains ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 accountants (CPAs) for non-public company audits.AICPA Operating Policies, pg. 1 Created in October 1978, it is composed of 19 members representing various industries and sectors, including public accountants and private, educational, and governmental entities. It issues pronouncements in the form of statements, interpretations, and guidelines, which all CPAs must adhere to when performing audits and attestations.Creation of the Auditing Standards Board, AICPA Operating Policies Appendix A, pg. 17, par. 2-6 History Prior auditing standards and authorities The American Institute of Certified Public Accountants has issued guidance to accountants and auditors since 1917, when, at the behest of the U.S. Federal Tra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
External Auditor
An external auditor performs an audit, in accordance with specific laws or rules, of the financial statements of a company, government entity, other legal entity, or organization, and is independent of the entity being audited. Users of these entities' financial information, such as investors, government agencies, and the general public, rely on the external auditor to present an unbiased and independent audit report. The manner of appointment, the qualifications, and the format of reporting by an external auditor are defined by statute, which varies according to jurisdiction. External auditors must be members of one of the recognised professional accountancy bodies. External auditors normally address their reports to the shareholders of a corporation. In the United States, certified public accountants are the only authorized non-governmental external auditors who may perform audits and attestations on an entity's financial statements and provide reports on such audits for public r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Control
Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization. It is a means by which an organization's resources are directed, monitored, and measured. It plays an important role in detecting and preventing fraud and protecting the organization's resources, both physical (e.g., machinery and property) and intangible (e.g., reputation or intellectual property such as trademarks). At the organizational level, internal control objectives relate to the reliability of financial reporting, timely feedback on the achievement of operational or strategic goals, and compliance with laws and regulations. At the specific transaction level, internal controls refers to the actions taken to achieve a specific objective (e.g., ho ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auditing In The United States
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, and evaluate the propositions in their auditing report. Audits provide third-party assurance to various stakeholders that the subject matter is free from material misstatement. The term is most frequently applied to audits of the financial information relating to a legal person. Other commonly audited areas include: secretarial and compliance, internal controls, quality management, project management, water management, and energy conservation. As a result of an audit, stakeholders may evaluate and improve the effectiveness of risk management, control, and governanc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
