The auditing standards board (ASB) issued two interpretations of Statement on Auditing Standards (SAS) no. 58, Reports on Audited Financial Statements.
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 (ASB) issued two interpretations of Statement on Auditing Standards (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 Audited Financial Statements. Interpretation 17 provides illustrative language in the auditor's report to clarify that an audit performed in accordance with 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. (GAAS See gallium arsenide. ) does not require the same level of testing and reporting on internal control over financial reporting as an audit of an issuer for whom section 404 of the Sarbanes-Oxley Act of 2002 is applicable. Interpretation 18 clarifies the applicability of GAAS and provides illustrative language for an audit conducted in accordance with both GAAS and PCAOB auditing standards. The interpretations are available at www.aicpa.org/members/div/audit std/announce/index.htm. (See also Official Releases in the August issue of the JofA, page 92.
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