Dear Colleagues/ Friends As you know, the last several years have brought possibly the most far-reaching changes in the history of auditing standards and in the financial statement auditing environment. In the face of the challenges presented during this unprecedented period, we are committed to providing to you and your students the most complete and up-to. Date materials possible. The latest seismic shift in auditing standards occurred in July 2007 it the change from AS2 to AS5. The implication of this change for the audit of internal control over financial reporting are so significant that we decides to updater our text to provide you and your students with materials that are completely current and that merit your complete confidence. While we are very much aware of the extra investment required when a book rools to a new edition, we believe that we owe it to our colleagues ad students to provide the most up-to-date material possible so their hard work, and energy in teaching and studying represents an investment in the latest, most current concepts.