Auditing and Financial Management:
October 31, 2012 letter commenting on AICPA's Auditing Standards Board (ASB) August 2012 Exposure Draft for a proposed Statement on Auditing Standards (SAS), entitled "Omnibus Statement on Auditing Standards--2012"
Published: Oct 31, 2012. Publicly Released: Oct 31, 2012.
This letter provides the U.S. Government Accountability Office's (GAO) comments on the ASB's proposed SAS. Our views are consistent with our December 15, 2009 communication to the ASB on their September 2009 Exposure Draft of proposed Statement on Auditing Standards Audits of Group Financial Statements (Including the Work of Component Auditors.); GAO generally supports the proposed SAS and we believe that the primary effect will be to improve the quality of group audits.