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Auditing Standard 5

Auditing Standard 5

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Published by Read Rule
Auditing Standard No. 5 – An Audit of Internal Control Over Financial Reporting
That Is Integrated with An Audit of Financial Statements
Auditing Standard No. 5 – An Audit of Internal Control Over Financial Reporting
That Is Integrated with An Audit of Financial Statements

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Categories:Types, Business/Law
Published by: Read Rule on Mar 20, 2009
Copyright:Attribution Non-commercial

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02/26/2013

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Public Company Accounting Oversight BoardBylaws and Rules – Standards – AS5
As of October 1, 2008394
Auditing Standard No. 5 – An Audit of Internal Control Over Financial ReportingThat Is Integrated with An Audit of Financial StatementsJune 12, 2007AUDITING AND RELATED PROFESSIONAL PRACTICE STANDARDS
Auditing Standard No. 5 –
An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements 
 
[Effective pursuant to SEC Release No. 34-56152, File No. PCAOB-2007-02 (July 27, 2007)]
 
 
Public Company Accounting Oversight BoardBylaws and Rules – Standards – AS5
As of October 1, 2008395
Table of Contents
ParagraphIntroduction ........................................................................................................1-8Integrating the Audits.................................................................................6-8Planning the Audit................................................................................................9-20Role of Risk Assessment...........................................................................10-12Scaling the Audit........................................................................................13Addressing the Risk of Fraud....................................................................14-15Using the Work of Others..........................................................................16-19Materiality..................................................................................................20Using a Top-Down Approach...............................................................................21-41Identifying Entity-Level Controls................................................................22-27Control Environment.......................................................................25Period-end Financial Reporting Process.........................................26-27Identifying Significant Accounts and Disclosuresand Their Relevant Assertions.............................................28-33Understanding Likely Sources of Misstatement ........................................34-38Performing Walkthroughs...............................................................37-38Selecting Controls to Test.........................................................................39-41Testing Controls...................................................................................................42-61Testing Design Effectiveness....................................................................42-43Testing Operating Effectiveness................................................................44-45Relationship of Risk to the Evidence to be Obtained.................................46-56Nature of Tests of Controls.............................................................50-51Timing of Tests of Controls.............................................................52-53Extent of Tests of Controls..............................................................54Roll-Forward Procedures................................................................55-56Special Considerations for Subsequent Years' Audits...............................57-61Evaluating Identified Deficiencies ........................................................................62-70Indicators of Material Weaknesses............................................................69-70Wrapping-Up........................................................................................................71-84Forming an Opinion...................................................................................71-74Obtaining Written Representations............................................................75-77Communicating Certain Matters................................................................78-84
 
Public Company Accounting Oversight BoardBylaws and Rules – Standards – AS5
As of October 1, 2008396Reporting on Internal Control...............................................................................85-98Separate or Combined Reports.................................................................86-88Report Date .............................................................................................89Material Weaknesses................................................................................90-92Subsequent Events...................................................................................93-98
APPENDICES
A
PPENDIX
A
 
 –
 
D
EFINITIONS
.................................................................................A1-A11
 A
PPENDIX
B
 
 –
 
S
PECIAL
T
OPICS
...........................................................................B1-B33Integration of Audits...................................................................................B1-B9Multiple Locations Scoping Decisions.......................................................B10-B16Use of Service Organizations ...................................................................B17-B27Benchmarking of Automated Controls ......................................................B28-B33
A
PPENDIX
C
 
 –
 
S
PECIAL
R
EPORTING
S
ITUATIONS
...............................................C1-C17
 
Report Modifications .................................................................................C1-C15Filings Under Federal Securities Statutes ................................................C16-C17

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