What is au c260?
Category:
business and finance
business operations
AU-C sec. 260. Communicating Internal Control Related Matters Identified in an Audit. This section addresses the auditor's responsibility to appropriately communicate to those charged with governance and management deficiencies in internal control that the auditor has identified in an audit of financial statements.
Consequently, what does AU in auditing stand for?
Generally Accepted Auditing Standards, or GAAS are sets of standards against which the quality of audits are performed and may be judged. Typically, the first number of the AU section refers to which standard applies.
Likewise, what does au C stand for in auditing?
There is the AU-C (U.S. Auditing Standards – AICPA (Clarified) ) and the AU (U.S. Auditing Standards).
The “SAS 115” letter is usually issued when any significant deficiencies or material weaknesses would have been discussed with management during the audit, but are not required to be communicated in written form.