Auditing and Financial Management:

May 13, 2011, letter commenting on AICPA ASB's March 2011 exposure draft for a proposed Statement on Auditing Standards (SAS), entitled "Omnibus Statement on Auditing Standards--2011."

Published: May 13, 2011. Publicly Released: May 13, 2011.

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This letter provides the U.S. Government Accountability Office's (GAO) comments on the ASB's proposed 2011 Omnibus SAS which would amend the following seven SASs: (1) SAS No. 117, "Compliance Audits" [AICPA, Professional Standards, AU sec. 801]; (2) SAS No. 118, "Other Information in Documents Containing Audited Financial Statements" [AICPA, Professional Standards, AU sec. 550]; (3) Clarified SAS "Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards"; (4) Clarified SAS "Modifications to the Opinion in the Independent Auditor's Report"; (5) Clarified SAS "Reports on Application of Requirements of an Applicable Financial Reporting Framework"; (6) Clarified SAS "The Auditor's Communication With Those Charged With Governance" [Redrafted]; and (7) "Clarified SAS Audit Documentation" [Redrafted].

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