|Effective Date||This standard currently is effective.|
|Applicability||Engagements designed specifically to test for the continuing presence of previously reported material weaknesses.|
Control objective. Provides a specific target for the evaluation of the effectiveness of controls. When used in relation to controls over financial reporting, it states a criterion for evaluating whether an entity’s control procedures provide reasonable assurance that a misstatement to or omission in that assertion is prevented or detected by controls on a timely basis.
Stated control objective. The specific control objective identified by management that, if achieved, would result in a material weakness no longer existing.
Public Company Accounting Oversight Board (PCAOB) Auditing Standard 4 sets forth the general requirements for an auditor who is engaged to report on whether a previously reported material weakness in internal control over financial reporting continues to exist.
An auditor may report on whether a previously reported material weakness continues to exist if the auditor has audited the company’s financial ...