Gives examples of a number of organizations, committees, and
commissions which have promoted both internal auditing and audit
committees during the past two decades. Explores the need for a close
working relationship between the internal auditor and the audit
committee. Examines: (1) the evolution of both internal auditing and
audit committees; (2) the Treadway Commission recommendations regarding
the importance and role of audit committees and internal auditors; (3)
ways in which internal auditors can work with audit committees; and (4)
benefits gained from this relationship. Shows how, recently, internal
auditors have been transformed from a financial enforcer to a respected
member of the management decision‐making process, and audit committees
have also assumed more oversight responsibilities in the areas of
financial reporting and internal control. Thus, a close and effective
working relationship between the audit committee and the internal
auditor will be beneficial not only to the company which they serve but
also to society as a whole.
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The provisions of Statement of Financial Accounting Standards (SFAS) No. 144, Accounting for the Impairment or Disposal of Long‐lived Assets, have raised many implementation issues for entities adhering to its increased requirements to recognize and measure the costs associated with the impairment of assets. After outlining these new requirements and some general implementation issues, the paper discusses how members of key groups view the new standard, using the responses to a mail survey. It was found that user‐oriented groups expressed significantly different viewpoints than did preparer‐oriented groups. The survey results also found many respondents stating that the new standard provides improved guidance for many complex situations, while others do not believe that the standard is cost justified.
Statement on Auditing Standards (SAS) 65 was issued in April 1991 to
clarify various aspects of the working relationship that should exist
between external and internal auditors. Describes the historical
development of this relationship as viewed through the promulgation of
authoritative literature, reports of official committees and
commissions, and prior research. Presents a survey which describes
various aspects and characteristics of this relationship in the light of
the provisions of SAS 65.
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