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IAPC issues addendum and revision to standard.

The international auditing practices committee (IAPC) issued Addendum 2 to International Statement on Auditing no. 8, Audit Evidence-Additional Guidance on-- Long-Term Investments and Segment Information, and a revision of International Standard on Auditing no. 14, Other 1nformation in Documents Containing Audited Financial Statements.

The addendum requires auditors to carry out auditing procedures that provide a reasonable basis for concluding whether long-term investments are accounted for and segment information is presented in accordance with applicable accounting principles. In releasing the addendum, an IAPC spokesperson said, "The objective in issuing addendum 2 is to provide some specific guidance, while at the same time avoiding detailed, how-to procedures."

The purpose of revised Statement no. 14 is to provide guidance on the auditor's consideration of other financial and non-financial information on which he or she has no obligation to report.

In certain circumstances, an auditor has a statutory or contractual obligation to report on other information, such as an operations report by management or the board of directors, financial summaries or highlights, employment data, capital expenditures, financial ratios and selected quarterly data. In other circumstances, the auditor has no such obligation.
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Title Annotation:International Auditing Practices Committee
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Jul 1, 1992
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