SAS 300 Research Paper by Research Group

SAS 300
Examining the Statement of Auditing Standard (SAS) 300 requirement for effective internal control procedures.
# 27488 | 3,201 words | 21 sources | MLA | 2002 | US
Published on Jun 09, 2003 in Accounting (General)

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This paper examines the procedures followed in order to perform the SAS 300. The paper discusses the purpose of these procedures and emphasizes the importance of the role of effective internal control procedures in corporate governance, along with the need for auditors to be fully familiar with the internal control systems in organizations that they are called upon to audit.

From the Paper:

"The Report of the Committee on the Financial Aspects of Corporate Governance, more generally known as the Cadbury Report taken from the name of the Committee Chair Adrian Cadbury, noted that "an effective internal control system is a key aspect of the efficient management of a company" (Committee on the Financial Aspects of Corporate Governance, 1992, Section 4.32). The Committee went on to enumerate a number of actions that they considered to be essential for an effective internal control function within an organization. These essential actions were as follows: (1) the directors of an organization should report on the effectiveness of their system of internal control, and this report should be included in the organization's annual report; and (2) organizations should develop a set of criteria for assessing the effectiveness of their internal control functions (Committee on the Financial Aspects of Corporate Governance, 1992, Section 5.16). Additionally, to be effective, the reports prepared and the records maintained by an internal auditing function must be relevant, reliable, accessible, complete, accurate, and timely (Chartered Institute of Management Accountants, 1999). Chapman (1995) noted that the role of the internal auditor has been changed dramatically by computer processing and especially by computer software. These tools facilitate the work of the internal auditor in meeting the new responsibilities accruing to the internal audit function as a consequence of changes in the approach to corporate governance and the requirements of SAS 300."

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APA Format

SAS 300 (2003, June 09) Retrieved January 29, 2020, from

MLA Format

"SAS 300" 09 June 2003. Web. 29 January. 2020. <>