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P00286 1 (2012-02-29)

handle is hein.gao/gaobadopc0001 and id is 1 raw text is: a =AO Memorandum Date: February 29, 2012 To: GAO's Financial Management and Assurance Team (FMA) Council of Inspectors General on Integrity and Efficiency (CIGIE) Financial Audit Community From: James R. Dalkin, Director - FMA Kristen Kociolek, Assistant Director - FMA Tom Hackney, Senior Auditor - FMA Subject: Professional Standards Update (PSU) No. 57* October through December 2011 In order to alert you to changes in professional standards, we issue Professional Standards Updates. The purpose of these updates is to highlight the issuance and some key points of recent standards. Professional Standards Updates do not contain a complete summary of the standards. Those affected by the new standards should refer to the relevant standard for details. Thanks to Theresa Phipps for her contributions to this issue which contains summaries of: Auditing and Attestation Standards and Guidance GOVERNMENT ACCOUNTABILITY OFFICE (GAO) * 2011 Revision of Government Auditing Standards * 2011 Government Auditing Standards - Summary of Major Changes AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) and the AICPA AUDITING STANDARDS BOARD (ASB) * Clarity Project: Update & Final Products * Clarified Statements on Auditing Standards (SAS) Nos. 122-125: o SAS No. 122, Clarification and Recodification o SAS No. 123, Omnibus Statement on Auditing Standards - 2011 o SAS No. 124, Financial Statements Prepared in Accordance With a Financial Reporting Framework Generally Accepted in Another Country o SAS No. 125, Alert That Restricts the Use of the Auditor's Written Communication * ASB Clarity Project -- Extant AU sections mapped to Clarity SASs * Clarity Project -Archive Information * Audit Guide: State and Local Governments * Audit Risk Alert: Understanding the New Auditing Standards Related to Risk Assessment * Audit Risk Alert: Independence and Ethics Developments - 2011/2012 * Interpretation No. 11, Required Supplementary Information That Accompanies Reviewed Financial Statements, of AR Section 90, Review of Financial Statements * Interpretation No. 17, Required Supplementary Information That Accompanies Compiled Financial Statements, of AR Section 80, Compilation of Financial Statements INSTITUTE OF INTERNAL AUDITORS (IIA) * Practice Guide: Independence and Objectivity Previously issued Professional Standards Updates can be found at h wttD:./wW. ao. ov/iovaud/Dsu.htm

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