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SAS 70 and new audit risk alerts available.

Statement on Auditing Standards no. 70, Reports on the Processing of Transactions by Service Organizations, was issued by the American Institute of CPAs auditing standards board.

The statement (see the Official Releases department, page 129) provides guidance on the factors an independent auditor should consider when auditing the financial statements of an entity that uses a service organization to process certain transactions. It also provides guidance for auditors who issue reports on processing transactions by a service organization for use by other auditors.

The AICPA also issued three updated audit risk alerts, providing an overview of recent economic, industry, regulatory and professional developments that may affect financial statement audits:

* Not-for-Profit Organizations Industry Developments--1992 (product no. 022095).

* Employee Benefit Plans Industry Developments--1992 (product no. 022086).

* State and Local Governmental Developments--1992 (product no. 022097).

Copies of these documents can be obtained by calling the AICPA order department at (800) 334-6961 [in New York state, call (800) 248-0445].


The XIV World Congress of Accountants will be held in Washington, D.C., on October 11-14, 1992. Registration entitles the registrant and accompanying guest(s) to

* Plenary and concurrent sessions.

* Reception at the Smithsonian Institution.

* Business luncheons.

* Accounting business show.

* Tours.

* Evening entertainment featuring Maureen McGovern.
 For details, write or call
AICPA Meetings and Travel
1211 Avenue of the Americas
New York, New York 10036-8775
Telephone: (212) 575-6451
Fax: (212) 575-3846; or
The XIV World Congress of
Registration and Housing Office
104 Wilmot Road
P.O. Box 825
Deerfield, Illinois 60015-0825
Telephone: (708) 940-2100
Telex: 255285
Telefax: (708) 940-2386
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
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Publication:Journal of Accountancy
Article Type:Brief Article
Date:Jul 1, 1992
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