Printer Friendly

The Auditing Standards Board exposes a suite of seven draft statements on auditing standards (SASs) (www. aicpa.org/members/div/auditstd/audit risk120202.asp) to improve auditors' application of the audit risk model. (Auditing).

* The Auditing Standards Board exposes a suite of seven draft statements on auditing standards (SASs) (www. aicpa.org/members/div/auditstd/audit risk120202.asp) to improve auditors' application of the audit risk model. The proposed SASs require auditors to develop a better understanding of audited entities and their environments, to use that knowledge to more rigorously assess the risks of material misstatement of the entities' financial statements and to better link the nature, timing and extent of audit procedures with assessed risks. The ED comprises the following proposed SASs: Amendment to Statement on Auditing Standards no. 95, Generally Accepted Auditing Standards; Audit Evidence; Audit Risk and Materiality in Conducting an Audit; Planning and Supervision; Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement (Assessing Risks); Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained; and Amendment to SAS no. 39, Audit Sampling. Comments are due April 30.
COPYRIGHT 2003 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Journal of Accountancy
Date:Feb 1, 2003
Words:156
Previous Article:FASB issues Interpretation no. 45, Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness...
Next Article:The International Federation of Accountants issues exposure drafts of three international standards on auditing (ISAs) and one amendment to an...


Related Articles
Exposure draft of new fraud standard released for comment. (accounting & auditing news).
Auditing Standards Board issues exposure draft on risk assessment process. (accounting & auditing news).
ASB issues exposure drafts related to Sarbanes-Oxley Act. (accounting & auditing news).
Two other exposure drafts from the ASB address internal control issues. (Auditing).
Auditing Standards Board issues Audit Documentation exposure draft.
ASB ED addresses Audit Documentation.
The AICPA Auditing Standards Board issued an exposure draft of proposed Statement on Auditing Standards (SAS), Defining Professional Requirements in...
www.aicpa.org/members/div/auditstd/2005_06_15_risk_assess.htm.
Code of conduct revisions; auditor guidance.
The new world of auditing standards: a conversation with the ASB.

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