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2025-01-16 01:58本頁面
【正文】 nted controls that adequately address the risk that a material misstatement of the financial statements would not be prevented or detected in a timely manner. ?Base its assessment of risk on the evaluation of evidence about the operation of its controls. KLS Consulting LLC SEC Interpretive Guidance Benefits KLS Consulting LLC ITRA Overview Approach ? Use risk factors (risk assessment evaluation criteria) to assess the level of inherent risk and control risk for each application system. ? Use the resultant risk ratings to determine the level of overall risk according to the Company39。 06/17/04) ICFR Opinions Large Accelerated Filers (FYEs 11/15/04+) Roundtable Feedback (04/13/05) PCAOB Policy Statement (05/16/05) KLS Consulting LLC Why This Topic? Corporate Outcry Begins “The firstyear implementation of new requirements for public panies’ internal control over financial reporting (ICFR) proved more burdensome and costly than expected, resulting in an outcry from corporate America.” Journal of Accountancy, Two Years and Counting, June 2022 KLS Consulting LLC Why This Topic? Fix: Audit Firms ?Per the PCAOB Policy statement issued 5/16/05, the auditors should— ?Integrate their audits ?Tailor audit plans to their client’s risks ?Use a topdown approach ?Use the work of others ?Communicate directly and timely wit
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