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Communicating Internal Control

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AU Section 325

Communicating Internal Control Related Matters Identified in an Audit
(Supersedes SAS No. 112.) Source: SAS No. 115. Effective for audits of financial statements for periods ending on or after December 15, 2009. Earlier implementation is permitted.

Applicability
.01 This section establishes standards and provides guidance on communicating matters related to an entity's internal control over financial reporting identified in an audit of financial statements. It is applicable whenever an auditor expresses or disclaims an opinion on financial statements. In particular, this section

• • •

defines the terms deficiency in internal control, significant deficiency, and material weakness. provides guidance on evaluating the severity of deficiencies in internal control identified in an audit of financial statements. requires the auditor to communicate, in writing, to management and those charged with governance,1 significant deficiencies and material weaknesses identified in an audit.

.02 This section is not applicable if the auditor is engaged to examine the design and operating effectiveness of an entity's internal control over financial reporting that is integrated with an audit of the entity's financial statements under AT section 501, An Examination of an Entity's Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements.

Introduction
.03 Internal control is a process—effected by those charged with governance, management, and other personnel—designed to provide reasonable assurance about the achievement of the entity's objectives with regard to the reliability of financial reporting, effectiveness and efficiency of operations, and compliance with applicable laws and regulations. Internal control over the safeguarding of assets against unauthorized acquisition, use, or

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