Auditing and Financial Management:

August 31, 2009 letter commenting on the AICPA Auditing Standards Board (ASB) June 2009 Exposure Draft of Proposed Statement on Auditing Standards (SAS) entitled Quality Control for an Audit of Financial Statements

Published: Aug 31, 2009. Publicly Released: Aug 31, 2009.

Contact:

Jeanette M. Franzel
(202) 512-9471
contact@gao.gov

 

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

This letter provides the U.S. Government Accountability Office's (GAO) comments on the American Institute of Certified Public Accountants Auditing Standards Board's (ASB) proposed Statement on Quality Control Standards (SQCS) on quality control. We commend the ASB for converging its quality control standard with the International Auditing and Assurance Standards Board's (IAASB) International Standard on Quality Control (ISQC) No. 1 Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements. Overall, we support the proposed statement and believe it appropriately addresses a firm's responsibilities for its system of quality control.

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