Correction.In the November Highlights, the JofA misstated some facts related to 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. 99, Consideration of Fraud in a Financial Statement Audit: * The AICPA AICPA See American Institute of Certified Public Accountants (AICPA). encourages early implementation of the standard. 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 made no such recommendation as theJ0fA stated. * Regarding forensic specialists, firms may want to employ such experts, but the standard does not specifically call for such an action as the article said. SAS no. 99 does advise auditors on when the use of a specialist, including a fraud specialist, may be appropriate, as in helping to design audit tests responsive to detecting fraud and in inquiry procedures for questioning company personnel. * Work on antifraud criteria and controls for public corporations that the Institute is promoting will begin next year but will not be completed by June as the J0fA stated. In the November issue of the JofA, a News Digest item on auditing (page 19) erroneously stated that Statement on Auditing Standards (SAS) no. 98, Omnibus 2002, amended Statement on Standards for Attestation The act of attending the execution of a document and bearing witness to its authenticity, by signing one's name to it to affirm that it is genuine. The certification by a custodian of records that a copy of an original document is a true copy that is demonstrated by his or her Engagements (SSAE SSAE Statement on Standards for Attestation Engagements (auditing) SSAE Stamped Self-Addressed Envelope SSAE Standard South African English SSAE Society Of Senior Aerospace Executives (Washington, DC) ) no. 1, Attestation Engagements. SAS no. 98 did not amend the SSAE. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion