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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].
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Title Annotation:statement on auditing standards
Author:Baliga, Wayne J.
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Feb 1, 1992
Words:139
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