[barelystayingsane]

Becker Question –

In the reporting on internal control section of A5, there’s a paragraph regarding using another auditor (page A5-47): “As is the case with a financial statement audit, another auditor may be involved in the audit of an entity’s internal control. The principal auditor decides whether the involvement of the other auditor warrants reference in the auditor’s report.” Mike Brown had us highlight the second paragraph and also make a note that said: “Private company – okay; Public company: NO.”

Anybody know what that note means? Because I looked at the PCAOB standards and I’m pretty sure you can use another auditor and you can also reference them if need be. So I’m not really sure what the “No” is talking about.

Thanks!

[barelystayingsane]

bump

[barelystayingsane]

bump

[JTS254]

C9. When serving as the principal auditor of internal control over financial reporting, the auditor should decide whether to make reference in the report on internal control over financial reporting to the audit of internal control over financial reporting performed by the other auditor. In these circumstances, the auditor's decision is based on factors analogous to those of the auditor who uses the work and reports of other independent auditors when reporting on a company's financial statements as described in AU sec. 543.

I went back and watched the video again. He just slips that in there without elaborating. I think you can.

FAR - 84
BEC - 89
AUD - 93
REG - 87

[JTS254]

C9. When serving as the principal auditor of internal control over financial reporting, the auditor should decide whether to make reference in the report on internal control over financial reporting to the audit of internal control over financial reporting performed by the other auditor. In these circumstances, the auditor's decision is based on factors analogous to those of the auditor who uses the work and reports of other independent auditors when reporting on a company's financial statements as described in AU sec. 543.

I went back and watched the video again. He just slips that in there without elaborating. I think you can.

FAR - 84
BEC - 89
AUD - 93
REG - 87

[barelystayingsane]

Okay, thanks!

[barelystayingsane]

Okay, thanks!

[Author]

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