Report of the Committee on Auditing 1972-73.

Abstract The article presents the text of the 1972-73 report of the American Accounting Association Committee on auditing. Both accounting practitioners and accounting students entering into the field of auditing have expressed concern about the relevance of the university auditing course. Accounting educators, too, have expressed the same concern as evidenced by much current activity directed to redesigning auditing courses. In its development, the university auditing course must recognize the fact that a substantial portion of auditing knowledge must be gained from post-graduate training programs and from on-the-job experience. Attention to internal control in the basic auditing course is justified because it is an integral part of the investigative aspect of auditing. The committee believes auditing students should understand the entire investigative process, including the evaluation of audit evidence. Since internal control significantly affects the appropriateness and reliability of audit evidence, study of internal control and its role in auditing is essential to that understanding.