Auditing and Financial Management:
November 1, 2010 letter commenting on International Auditing and Assurance Standards Board (IAASB) July 2010 Exposure Draft on Proposed International Standards on Auditing (ISA) 315 (Revised), "Identifying and Assessing the Risks of Material Misstatements through Understanding the Entity and Its Environment" and ISA 610 (Revised), "Using the Work of Internal Auditors"
Published: Nov 1, 2010. Publicly Released: Nov 1, 2010.
This letter provides the U.S. Government Accountability Office's (GAO) comments on the IAASB's proposed revisions to the ISAs on identifying and assessing the risk of material misstatement and using the work of internal auditors. We agree with the changes made by the Board and we support the proposed standards.