Revised illustrative report on internal control developed.

• Position: Accounting & auditing news

The AICPA Investment Companies Expert Panel developed a revised illustrative report on internal control required by the Securities and Exchange Commission under Form N-SAR that incorporates the definitional changes to material weakness and deficiency as described in Public Company Accounting Oversight Board Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated i with An Audit of Financial Statements. The revised illustrative report will replace the illustrative report in paragraph 11.19 of the AICPA Audit and Accounting...