The AICPA has issued an Exposure Draft of a proposed Statement on Auditing Standards (SAS) entitled "Communication of Internal Control Related Matters Noted in an Audit."
This proposal would establish guidance for communicating matters related to an entity's internal control over financial reporting observed during a financial statement audit. The ED specifies how an auditor should communicate findings relating to internal control matters to management and those charged with governance, such as a board of directors or its audit committee.
The Auditing Standards Board issued this revised ED because of the significant changes that were made to the original ED issued on March 18, 2003, with the same title. This ED would supersede SAS No. 60, "Communication of Internal Control Related Matters Noted in an Audit."
See full Article.
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