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Public Company Accounting Oversight Board Bylaws and Rules – Standards – AS5
Auditing Standard No. 5 – An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements June 12, 2007 AUDITING AND RELATED PROFESSIONAL PRACTICE STANDARDS
Auditing Standard No. 5 –
An Audit of Internal Control Over Financial Reporting That Is Integrated with AnAudit of Financial Statements
[Effective pursuant to SEC Release No. 34-56152; File No. PCAOB-2007-02; July 27, 2007]
393
As of November 9, 2007
Public Company Accounting Oversight Board Bylaws and Rules – Standards – AS5
Table of Contents Paragraph Introduction ........................................................................................................ 1-8 Integratingthe Audits................................................................................. 6-8 Planning the Audit ................................................................................................ 9-20 Role of Risk Assessment........................................................................... 10-12 Scaling theAudit........................................................................................ 13 Addressing the Risk of Fraud .................................................................... 14-15 Using the Work of Others .......................................................................... 16-19 Materiality .................................................................................................. 20 Using a Top-Down Approach............................................................................... 21-41 Identifying Entity-Level Controls ................................................................ 22-27 Control Environment ....................................................................... 25 Period-end Financial Reporting Process......................................... 26-27 Identifying Significant Accounts and Disclosuresand Their Relevant Assertions ............................................. 28-33 Understanding Likely Sources of Misstatement ........................................ 34-38 Performing Walkthroughs ............................................................... 37-38 Selecting Controls to Test ......................................................................... 39-41 Testing Controls................................................................................................... 42-61 Testing Design Effectiveness .................................................................... 42-43 Testing Operating Effectiveness................................................................ 44-45 Relationship of Risk to the Evidence to be Obtained................................. 46-56Nature of Tests of Controls ............................................................. 50-51 Timing of Tests of Controls ............................................................. 52-53 Extent of Tests of Controls.............................................................. 54 Roll-Forward Procedures ................................................................ 55-56 Special Considerationsfor Subsequent Years' Audits............................... 57-61 Evaluating Identified Deficiencies ........................................................................ 62-70 Indicators of Material Weaknesses............................................................ 69-70 Wrapping-Up ........................................................................................................ 71-84Forming an Opinion ................................................................................... 71-74 Obtaining Written Representations............................................................ 75-77 Communicating Certain Matters ................................................................ 78-84 394 As of November 9, 2007
Public Company Accounting Oversight Board Bylaws and...
Auditing Standard No. 5 – An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements June 12, 2007 AUDITING AND RELATED PROFESSIONAL PRACTICE STANDARDS
Auditing Standard No. 5 –
An Audit of Internal Control Over Financial Reporting That Is Integrated with AnAudit of Financial Statements
[Effective pursuant to SEC Release No. 34-56152; File No. PCAOB-2007-02; July 27, 2007]
393
As of November 9, 2007
Public Company Accounting Oversight Board Bylaws and Rules – Standards – AS5
Table of Contents Paragraph Introduction ........................................................................................................ 1-8 Integratingthe Audits................................................................................. 6-8 Planning the Audit ................................................................................................ 9-20 Role of Risk Assessment........................................................................... 10-12 Scaling theAudit........................................................................................ 13 Addressing the Risk of Fraud .................................................................... 14-15 Using the Work of Others .......................................................................... 16-19 Materiality .................................................................................................. 20 Using a Top-Down Approach............................................................................... 21-41 Identifying Entity-Level Controls ................................................................ 22-27 Control Environment ....................................................................... 25 Period-end Financial Reporting Process......................................... 26-27 Identifying Significant Accounts and Disclosuresand Their Relevant Assertions ............................................. 28-33 Understanding Likely Sources of Misstatement ........................................ 34-38 Performing Walkthroughs ............................................................... 37-38 Selecting Controls to Test ......................................................................... 39-41 Testing Controls................................................................................................... 42-61 Testing Design Effectiveness .................................................................... 42-43 Testing Operating Effectiveness................................................................ 44-45 Relationship of Risk to the Evidence to be Obtained................................. 46-56Nature of Tests of Controls ............................................................. 50-51 Timing of Tests of Controls ............................................................. 52-53 Extent of Tests of Controls.............................................................. 54 Roll-Forward Procedures ................................................................ 55-56 Special Considerationsfor Subsequent Years' Audits............................... 57-61 Evaluating Identified Deficiencies ........................................................................ 62-70 Indicators of Material Weaknesses............................................................ 69-70 Wrapping-Up ........................................................................................................ 71-84Forming an Opinion ................................................................................... 71-74 Obtaining Written Representations............................................................ 75-77 Communicating Certain Matters ................................................................ 78-84 394 As of November 9, 2007
Public Company Accounting Oversight Board Bylaws and...
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