[jasoncancio]

During what engagements are an audit of internal controls required? I’ve been a little confused regarding this topic. Is it mandatory under AICPA and/or PCAOB?

Any help is appreciated! Thanks, guys!

[monikernc]

Issuers are under PCAOB standards. PCAOB 5 is the standard that integrates the financial statements with audit of internal controls. This is required for issuers

AICPA standards are for nonissuers only. There is an attestation standard for internal controls for nonissuers.
An audit of nonsissuers requires an understanding of internal controls and it tests internal controls for their effectiveness for the purpose of financial reporting but no opinion is expressed on them.

Govt audits have some requirements for internal controls that I don't recall at the moment but your review materials will tell you.

I reviewed PCAOB 5 and all the AICPA standards as prep for my exam. If you look through the list of AICPA standards and read at least one to know how the info is presented and the format it will help a lot for the sims. Knowing what standards exist and which ones have the opinions language may speed things up during the exam.

FAR 7/25/15 76!
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Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Skynet]

During a Wedding Engagement to make sure to make sure he/she is not seeing anybody else or to make sure the Bride Maids or Groomsman are not better looking in case the two getting married have any ideas : )

Or Keeping your Crazy Aunt or Uncle from drinking too much and embarrassing you on your wedding day.

[Author]

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