Printer Friendly

New SAS issued on federal audit rules.

The American Institute of CPAs auditing standards board has issued Statement on Auditing Standards no. 68, Compliance Auditing Applicable to Governmental Entities and other Recipients of Governmental Financial Assistance, revising SAS no. 63, which has the same title. SAS no. 68 reflects recent changes in federal audit rules and clarifies certain implementation issues. It also provides guidance on the auditor's compliance auditing responsibilities under Office of Management and Budget Circular A-133, Audits of Institutions of Higher Education and Other Nonprofit Institutions, which applies to nonprofit organizations receiving federal awards.

SAS no. 68 is effective for audits of financial statements for periods ending after March 15, 1992. Copies are available at $5 each from the AICPA order department, P.O. Box 1003, New York, New York 10108-1003. Request product no. 060663. Telephone: (800) 334-6961 [(800) 248-0445 in New York State].
COPYRIGHT 1992 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:statement on auditing standards
Author:Baliga, Wayne J.
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Feb 1, 1992
Previous Article:FASB plans more active international role.
Next Article:SAS issued on GAAP hierarchy revision.

Related Articles
SAS issued on GAAP hierarchy revision.
Is there a gap in your GAAP library?
Letter from the state board: what should you do next?
SAS 21 is out.
New SASs address communications and adjustments.
Major auditing iniatives coming to fruition; new risk model, standard on fraud among them.
OCBOA financial statements: here's some practical guidance on a popular accounting option.
Auditing Standards Board issues Audit Documentation exposure draft.
Auditing Standards Board issues two new standards.
New audit risk assessment standards issued to enhance audit process.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters