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[The following note became effective February 6, 2006, and was amended as a result of the adoption of Auditing Standard No. 5, effective for audits of fiscal years ending on or after November 15, 2007. See PCAOB Release 2007-005A.

Return to the current version.]
 

Note:   The performance and reporting requirements in Auditing Standard No. 2 and in this standard are based on the Committee of Sponsoring Organizations ("COSO") of the Treadway Commission's publication, Internal Control - Integrated Framework .  Known as the COSO report, it provides a suitable and available framework for purposes of management's annual assessment of internal control over financial reporting.  (More information about the COSO framework is included in paragraphs 14 and 15 of Auditing Standard No. 2, the COSO report, and AU sec. 319, Consideration of Internal Control in a Financial Statement Audit. )