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The auditing standards board (ASB) issued two interpretations of Statement on Auditing Standards (SAS) no. 58, Reports on Audited Financial Statements.

The auditing standards board (ASB) issued two interpretations of Statement on Auditing Standards (SAS) no. 58, Reports on Audited Financial Statements. Interpretation 17 provides illustrative language in the auditor's report to clarify that an audit performed in accordance with generally accepted auditing standards (GAAS) does not require the same level of testing and reporting on internal control over financial reporting as an audit of an issuer for whom section 404 of the Sarbanes-Oxley Act of 2002 is applicable. Interpretation 18 clarifies the applicability of GAAS and provides illustrative language for an audit conducted in accordance with both GAAS and PCAOB auditing standards. The interpretations are available at www.aicpa.org/members/div/audit std/announce/index.htm. (See also Official Releases in the August issue of the JofA, page 92.
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Title Annotation:Auditing
Publication:Journal of Accountancy
Date:Sep 1, 2004
Words:130
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