According to PCAOB rules, auditors should focus more on nonroutine transactions when evaluating internal control than on routine transactions. The effectiveness of internal control is typically given negative assurance in an auditor's report on internal control.
What is PCAOB?
A routine, nonroutine, and estimation transaction audit of internal control over financial reporting was performed concurrently. As a result of the Board's determinations regarding the audit's scope of internal control over financial reporting, the PCAOB and the U.S. Securities and Exchange Commission were engaged to conduct the audit. For audits, the modified standard will be in effect. The internal control report needs to contain. a declaration of management's obligation to create and maintain effective internal controls over financial reporting for the organisation.
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