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AICPA issues SAS 109 in the Audit Risk Assessment Series.(American Institute of Certified Public Accountants)
The sixth SAS in the Audit Risk Assessment Series is SAS 109, "Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement," which supersedes SAS 55 on internal control.
This SAS establishes and provides guidance on implementing the second standard of fieldworks, which is:
The auditor must obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing, and extent of further audit procedures.
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