The American Institute of Certified Public Accountants is looking for feedback on its plan to adopt the terminology public companies follow in defining material weaknesses and significant deficiencies for organizations beyond the capital markets.
The AICPA’s Auditing Standards Board is exposing for comment its proposed statement on auditing standards, “Communication of Internal Control Related Matters Noted in an Audit.” It seeks to adopt definitions and related guidance that the Public Company Accounting Oversight Board established in its Auditing Standard No. 2, which governs audits of internal control over financial reporting for public companies.
