Auditing and Financial Management:
August 15, 2011 letter commenting on IAASB's April 2011 Exposure Draft, "ISAE 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information"
Published: Aug 15, 2011. Publicly Released: Aug 15, 2011.
This letter provides the U.S. Government Accountability Office's (GAO) comments on the International Auditing and Assurance Standards Board's (IAASB) Exposure Draft. We support the Board's efforts to develop a principles-based standard that is capable of being applied to a broad range of subjects and provides a basis for subject-specific International Standards on Assurance Engagements (ISAE). We believe that this is a positive step in establishing guidance that will help auditors understand the special considerations involved in assurance engagements other than audits or reviews of historical financial information. We have comments regarding the consideration of computer-based information systems and fraud, in addition to responses to specific questions.