Internal controls, first clarified auditing standard, exposure draft of proposed SAS issued recently.

The Audit and Attest Team has released several items during the past month.

* The Auditing Standards Board has issued two final standards on internal control: Statement on Standards for Attestation Engagements No. 15, An Examination of an Entity's Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements (Supersedes AT Section 501, Reporting on an Entity's Internal Control Over Financial Reporting); and Statement on Auditing Standards No. 115, Communicating Internal Control Related Matters Identified in an Audit (Supersedes AU Section 325, Communicating Internal Control Related Matters Identified in an Audit). See the summary of each standard for more information and effective date.

* The ASB also has issued its first clarified auditing standard resulting from its Clarity Project: Statement on Auditing...