Internal financial controls: auditors must report on existence and operating effectiveness for relevant financial years under audit rules. Rule 10A requires the auditor's report to state the existence and operating effectiveness of internal financial controls with reference to financial statements, aligning assessment of control design and operating effectiveness with statutory audit reporting; a transitional provision allowed voluntary inclusion of the statement for the immediately preceding transitional year, and later amendment refined the phraseology to focus on controls referenced to the financial statements.
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Internal financial controls: auditors must report on existence and operating effectiveness for relevant financial years under audit rules.
Rule 10A requires the auditor's report to state the existence and operating effectiveness of internal financial controls with reference to financial statements, aligning assessment of control design and operating effectiveness with statutory audit reporting; a transitional provision allowed voluntary inclusion of the statement for the immediately preceding transitional year, and later amendment refined the phraseology to focus on controls referenced to the financial statements.
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