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Topic: Issuer vs. Nonissuers (

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PINKCPA
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Joined: 15 Aug 2010
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Posted: 25 Apr 2011 at 16:39 \| IP Logged

What is the difference between an audit of a issuer vs. a nonissuer? Is it that you don't test for internal controls since they are not governed by SOX?

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chatterr
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Joined: 17 Nov 2010
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Posted: 25 Apr 2011 at 19:03 \| IP Logged

For issuers, auditors are required to perform integrated audits(Financial Statement Audits and audits on Internal Control)

Test of controls are required for issuers even if auditors cannot rely on the controls

For non-issuers, test of controls are not required. However, auditors must still assess consider internal control risk.

Also, if controls can be relied upon for a non-issuer company, then auditors will test controls

Auditors do not issue an internal control report for non-public companies.

PINKCPA
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Posted: 25 Apr 2011 at 23:35 \| IP Logged

Thanks!

__________________
FAR-77
BEC-72,79
AUD-84
REG-69, 81
Done!!!

Faith, Prayer and Hard Work!

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