The auditor's consideration of a private company's internal control is:
A)required by GAAP.
B)required by GAAS.
C)required by the IRS.
D)recommended by the SEC.

Question

Quizplus · Accepted Answer

The consideration of a private company's internal control is required by generally accepted auditing standards (GAAS) to assess the risk of material misstatement in the financial statements. It is not required by GAAP, the IRS or recommended by the SEC.

The Auditor's Consideration of a Private Company's Internal Control Is