National Standards means the document entitled “National Standards for the Volatile Organic Compound Content of Canadian Commercial/Industrial Surface Coating Products Automotive Refinishing, October 1998, PN 1288" and published by the Canadian Council of Ministers of the Environment
GAGAS and AICPA standards require that the auditor communicate with the auditee the auditor’s understanding of the services to be performed and document that understanding through a written communication to those charged with governance.Īuditing standards means auditing standards as defined in National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards
The incorporation by reference of the AICPA standards reduces the regulatory burden while achieving the same objec- tive by ensuring that the accounting community only has one set of standards by which it is regulated.Īs stated in paragraph 5.12 of Government Auditing Standards, “auditors should report, as applicable to the objectives of the audit (1) deficiencies in internal control considered to be reportable conditions as defined in AICPA standards, (2) all instances of fraud and illegal acts unless clearly inconsequential, and (3) significant violations of provisions of contracts or grant agreements and abuse”. The Respondent’s key professionals, consultants, and the organization must disclose any actual or potential conflict of interest that may impair the Respondent’s independence from the SBA in accordance with AICPA standards at a minimum.Ī reviewed or audited financial statement prepared by a certified public accountant in accordance with AICPA standards completed within the last twelve (12) months must be submitted. GAGAS and AICPA standards re- quire that the auditor communicate with the auditee the auditor’s under- standing of the services to be per- formed and document that under- standing through a written commu- nication to those charged with govern- ance.
It should also explain that a review is more limited in scope than an examination performed in accordance with AICPA standards, and state that an opinion on the schedule is not expressed. This review report must state that the review was conducted in accordance with AICPA standards. The specific ways District Management implements these minimum Internal Controls shall be consistent with Generally Accepted Accounting Principles (GAAP) and otherwise conform to Governmental Accounting Standards Board (GASB) and American Institute of Certified Public Accountants (AICPA) standards and norms. In such instances, access to the working papers may be provided to these agencies based upon AICPA standards and under supervision of the firm. Examples of AICPA standards in a sentence
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