Management′s Report on Internal Control, and the Accountant′s Response-Reference-Cited by-同舟云学术

Management′s Report on Internal Control, and the Accountant′s Response

Published:1994-11-01 Issue:7 Volume:9 Page:21-28
ISSN:0268-6902
Container-title:Managerial Auditing Journal
language:en
Short-container-title:

Author:

Aldridge C. Richard,Colbert Janet L.

Abstract

Internal Control – Integrated Framework (COSO Report, 1992) defines internal control, suggests a framework for internal control, and presents criteria to use in evaluating controls. The document also provides guidance to management developing a report on controls for use by external parties. SSAE 2, “Reporting on an Entity′s Internal Control Structure over Financial Reporting” (1993) offers assistance to the practitioner reporting on management′s assertion regarding internal control over financial reporting. Discusses and provides an example of management′s report on internal control prepared according to COSO. Also discusses the accountant′s examination under SSAE guidance of management′s assertions and subsequent report and provides an example of the accountant′s report. Concludes by discussing the new business opportunities for the accountant which may result from external reporting on internal controls over financial reporting.

Publisher

Emerald

Subject

Accounting,General Economics, Econometrics and Finance,General Business, Management and Accounting

Reference5 articles.

1. 1. American Institute of Certified Public Accountants (AICPA), “Consideration of the Internal Control Structure in a Financial Statement Audit”, Statement of Auditing Standards 55, AICPA, New York, NY, 1988.

2. 2. AICPA, “Use of COSO Criteria over SAS 55 Preferred for SSAE 2 Engagements”, The CPA Letter, Vol. 73 No. 7, AICPA, New York, NY, September, 1993.

3. 3. Committee of Sponsoring Organizations of the Treadway Commission, Internal Control – Integrated Framework (COSO Report), Committee of Sponsoring Organizations of the Treadway Commission, Jersey City, NJ, 1992.

4. 4. National Commission on Fraudulent Financial Reporting, Report of the National Commission on Fraudulent Financial Reporting (Treadway Report), National Commission on Fraudulent Financial Reporting, Washington, DC, 1987.

5. 5. AICPA, “The Auditor′s Consideration of the Internal Audit Function on an Audit of Financial Statements”, Statement of Auditing Standards 65, AICPA, New York, NY, 1991.

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