ABSTRACT
Auditing must fulfill regulatory requirements. For instance, in the United States, the Federal Securities Law, Regulation §240.17 Ad-13, is quite specific in terms of internal accounting control responsibilities. It states that every registered transfer agent shall file annually with the Securities and Exchange Commission (SEC), and the transfer agent’s appropriate regulatory agency, a report prepared by an independent auditor concerning the transfer agent’s system of internal control. e auditor’s report shall
State whether study and evaluation was made in accordance with generally n accepted auditing standards (see Section 2), Describe any material inadequacies found to exist as of the audit date and any n corrective action taken, and Comment on the current status of any material inadequacy described in the n report.
