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A92959 1 (2009-07-17)

handle is hein.gao/gaobadwbx0001 and id is 1 raw text is: G A 0 Accountability * Integriy Reliabiity Memorandum Date: July 17, 2009 To: GAO's Financial Management and Assurance Team (FMA) Council of the Inspectors General on Integrity and Efficiency (CIGIE) Financial Audit Community From: Steven J. Sebastian, Director - FMA Subject: Professional Standards Update No. 51* 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 standard for details. Thanks to Louise DiBenedetto, Tom Hackney, Heather Keister, Inna Livits, Theresa Phipps, Frank Synowiec, Abe Akresh, and Gail Vallieres for their contributions to this issue which contains summaries of: Auditing and Attestation Standards and Guidance Government Accountability Office (GAO) * Interim Guidance on Reporting Deficiencies in Internal Control for GAGAS Financial Audits and Attestation Engagements (November2008) American Institute of Certified Public Accountants (AICPA) * Statement on Standards for Attestation Engagements (SSAE) No.15: An Examination of an Entity's Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements * Statement on Auditing Standards (SAS) No.115: Comm unicating Internal Control Related Matters Identified in an Audit * AT Section 9101: Attest Engagements-Interpretation of Section 101, Interpretation No 7 Rep orting on the Design of Internal Control * AU Section 9330: The Confirmation Process: Auditing Interpretations ofAUSection 330 2008 Audit Risk Alert: Government Auditing Standards and CircularA-133Audits StrengtheningAudit Integrity-- Safeguarding Financial and Compliance Reporting * Component Materiality for Group Audits (Journal ofAccountancy, December2008) International Auditing and Assurance Standards Board (IAASB) * Clarity Project Summary Institute of Internal Auditors (11A) * Professional Guidance: Government Auditing Standards andInternational Professional Practices Framework- A Comparison * International Professional Practices Framework (IPPF) * Quality Assessment Manual * Previously issued Professional Standards Updates can be found at http://www.gao.gg/govvaud/psu.htm

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