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VSCPA A&A Committee Supports AICPA Board’s Internal Audit Proposal

The VSCPA’s Accounting & Auditing Advisory Committee (A&A) has submitted a comment letter to the American Institute of CPAs’ (AICPA) Auditing Standards Board (ASB) regarding the exposure draft Using the Work of Internal Auditors.

The committee supports the ASB’s efforts to clarify the use of internal audit work done by external auditors and its decision to introduce the concept of a systematic, disciplined approach to the standard.

The committee wrote: “Overall, we believe the changes will help provide clarity as to how and when auditors may make use of the work of internal auditors in conducting financial statement audits without diminishing audit quality.”

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