WHAT THE AUDITOR LOOKS FOR IN EVALUATING INTERNAL CONTROL OVER NUCLEAR FUEL

For those of you unfamiliar with accounting and audit- ing, it may be of interest to learn that the term \"safeguards\" is a term that auditors have long been concerned with as a regular part of their auditing work. It is true that the safeguarding effort, with which the auditor is normally concerned, is primarily financial instead of strategic but, nonetheless, the internal control methods for either purpose often are or should be the same . The independent or outside auditor performs his work and reports in accordance with so-called \"generally accepted auditing standards.\" These auditing standards are approved and adopted by the American Institute of Certified Public Accountants, the professional society to which most practicing independent public accountants belong. Later at this meeting Bruce Smith will discuss proposed standard N-15-7, \"Auditing Nuclear Materials,\" and will explain how and why that proposed standard makes exten- sive use of the auditing standards established by the AICPA.