Statements On Auditing Standards (usa)

LIST OF STATEMENTS OF AUDITING STANDARDS

BRIEF DESCRIPTION OF SAS IN EFFECT

''Statement on Auditing Standards (SAS) No. 55: Consideration of Internal Control'' 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.

'''' is generally applicable when an auditor (“user auditor”) is auditing the financial statements of an entity (“user organization”) that obtains services from another organization (“service organization”). Service organizations that provide such services could be application service providers, bank trust departments, claims processing centers, Internet data centers, or other data processing service bureaus. SAS 70 provides guidance to enable an independent auditor, commonly known as a “service auditor” under this type of audit, to issue an opinion on a service organization’s description of controls through a Service Auditor’s Report. However, SAS 70 is not a pre-determined set of control objectives or control activities that service organizations must achieve.

'''' requires the auditor to obtain an understanding of an entity’s Internal Control sufficient to plan any audit to be performed on such entity. Identifying and evaluating relevant controls is generally an important step in the user auditor’s overall approach.

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