Auditing Standards Board issues auditing interpretations. (accounting & auditing news).The Auditing Standards Board In the United States, the Auditing Standards Board (ASB) is the senior technical committee designated by the American Institute of Certified Public Accountants (AICPA) to issue auditing, attestation, and quality control statements, standards and guidance to certified public issued two new interpretations of auditing standards at its meeting on Apr. 9, 2003. An amendment of Interpretation 2, "The Effect of an Inability to Obtain Evidential ev·i·den·tial adj. Law Of, providing, or constituting evidence: evidential material. ev Matter Relating to Income Tax Accruals," of Statement on Auditing Standards No. 31, Evidential Matter (AICPA AICPA See American Institute of Certified Public Accountants (AICPA). , Professional Standards, vol. 1, AU sec. 326), provides additional guidance regarding the auditor's documentation of the results of auditing procedures directed at the tax accounts and related disclosures. The interpretation also addresses the auditor's need for access to the advice or opinion of a client's outside tax adviser and the auditor's documentation of such advice or opinion. Interpretation 16, "Effect on Auditor's Report Auditor's Report Recorded in the annual report, the auditor's report tests to see that a corporation's financial statements comply with GAAP. This is sometimes referred to as the clean opinion. Notes: Most auditor's reports consist of three paragraphs. of Omission of Schedule of Investments by Investment Partnerships That Are Exempt From Securities and Exchange Commission Registration Under the Investment Company Act of 1940," of SAS (1) (SAS Institute Inc., Cary, NC, www.sas.com) A software company that specializes in data warehousing and decision support software based on the SAS System. Founded in 1976, SAS is one of the world's largest privately held software companies. See SAS System. No. 58, Reports on Auditing Financial Statements (AICPA, Professional Standards, vol. 1, AU sec. 508), provides guidance clarifying the auditor's responsibility with regard to the disclosure in the auditor's report of information that is required to be presented in the partnership's Schedule of Investments but has been omitted. Both interpretations are available on the AICPA's Web site at www.aicpa.org/members/div/auditstd/announce/index.htm. |
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