In an effort to foster dialogue between auditors and those who govern non-public companies - including not-for-profits and governmental entities - the Auditing Standards Board has issued a standard requiring auditors to communicate certain issues with whomever is charged with corporate governance.The board has also established a formal attestation hierarchy and fine-tuned a few existing standards.
In the past, under Statement of Auditing Standards 61, Communication with Audit Committees, auditors were required to report significant matters only to a company's audit committee. If a company had no audit committee, the auditor simply did not have to report those matters to anyone.
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