Auditing Standards Board issues two new standards.The AICPA's 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 has issued Statement on Auditing Standards No. 113, Omnibus 2006 (No. 060708CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. 01), and Statement on Standards for Attestation Engagements No. 14, SSAE Hierarchy (No. 023033CPA01). 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. 113 amends various other SASs. Of note, SAS No. 113: * Revises the terminology used in the 10 standards in SAS No. 95, Generally Accepted Auditing Standards Generally Accepted Auditing Standards, or GAAS, are ten auditing standards, developed by the AICPA, consisting of general standards, standards of field work, and standards of reporting, along with interpretations. , to reflect the terminology used in SAS No. 102, Defining Professional Requirements in Statements on Auditing Standards Statements on Auditing Standards, commonly abbreviated as SAS, provide guidance to external auditors on generally accepted auditing standards (abbreviated as GAAS) in regards to auditing an entity and issuing a report. . * Adds a footnote to the headings prior to paragraphs 35 and 46 in SAS No. 99, Consideration of Fraud in a Financial Statement Audit, to provide a clear link between the auditor's consideration of fraud and the auditor's assessment of risk and the auditor's procedures in response to those assessed risks. * Replaces, throughout the SASs, the term "completion of fieldwork" with the term "date of the auditor's report." * Changes the convention for dating the representation letter by requiring that it be dated as of the date of the auditor's report. Regarding SSAE No. 14, this new statement: * Identifies the body of attestation literature. * Clarifies the authority of attestation publications issued by the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). and others. * Specifies the extent of familiarity a practitioner needs to have with various kinds of attestation publications when conducting an attestation engagement. * Amends the 11 attestation standards to reflect the terminology used in SSAE No. 13, Defining Professional Requirements in Statements on Standards for Attestation Engagements. To obtain copies of SAS 113 or SSAE 14, contact the AICPA Service Center (see page 5; price each: $19 member/$23.75 non-member). |
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