Auditing Standards Board Issues Exposure Draft of Amendment to SAS No. 55.

• Position: Statement on Auditing Standards - Brief Article

The Auditing Standards Board has issued an exposure draft of a proposed statement on auditing standards titled Amendment to Statement on Auditing Standards No. 55, Consideration of Internal Control in a Financial Statement Audit, as Amended by Statement on Auditing Standards No. 78. Comments are due Jan. 1, 2001.

The proposed SAS provides guidance to auditors about the effect of information technology on internal control, and on the auditor's understanding of internal control and assessment of control risk. The ASB believes the guidance is needed...