November 28, 2007, letter commenting on the IAASB's July 2007 Exposure Drafts:
ISA 700, (independent auditor's report on general purpose financial statements); ISA 705 (Revised), (modifications to the opinion); ISA 706 (Revised), (emphasis of a matter paragraphs); ISA 800 (Revised), (special purpose financial statements); and ISA 805 (Revised), (summary financial statements)
Published: Nov 28, 2007. Publicly Released: Nov 28, 2007.
This letter provides the U.S. Government Accountability Office's (GAO) comments on the IAASB's proposed revisions to the International Standards on Auditing (ISAs): (1) ISA 700, The Independent Auditor's Report on General Purpose Financial Statements; (2) ISA 705 (Revised), Modifications to the Opinion in the Independent Auditor's Report; (3) ISA 706 (Revised), Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in the Independent Auditor's Report; (4) ISA 800 (Revised), Special Considerations--Audits of Special Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement: and (5) ISA 805 (Revised), Engagements to Report on Summary Financial Statements