Page 133 - Auditing Standards

As of December 15, 2017

AS 2201: An Audit of Internal Control Over Financial Reporting

That Is Integrated with An Audit of Financial Statements

Effective Date: Fiscal years ending on or after Nov. 15, 2007

Final Rule: PCAOB Release No. 2007-005A
Guidance on AS 2201: Staff Audit Practice Alerts No. 3, No. 5, No. 7, No. 9, No. 11, and No. 15 and Staff
Views on An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial
Statements: Guidance for Auditors of Small Public Companies

Summary Table of Contents

.01 Introduction

.09 Planning the Audit

.21 Using a Top-Down Approach

.42 Testing Controls

.62 Evaluating Identified Deficiencies

.71 Wrapping-Up

.85 Reporting on Internal Control

Appendix A - Definitions

Appendix B - Special Topics

Appendix C - Special Reporting Situations

Introduction

.01 This standard establishes requirements and provides direction that applies when an auditor is
1
engaged to perform an audit of management's assessment of the effectiveness of internal control over
financial reporting ("the audit of internal control over financial reporting") that is integrated with an audit of

the financial statements. 2

130