About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

D03484 1 (2012-10-05)

handle is hein.gao/gaobadpbi0001 and id is 1 raw text is: AGAO ,AccountabiWtI Integrity I Feliqlity United States Government Accountability Office Washington, DC 20548 October 5, 2012 Technical Director International Auditing and Assurance Standards Board 545 Fifth Avenue, 14' Floor New York, New York 10017 Subject: International Auditing and Assurance Standards Board (JAASB) June 2012 Invitation to Comment Improving the Auditor's Report. This letter provides the U.S. Government Accountability Office's (GAO) comments on the JAASB's invitation to comment on methods to improve the auditor's report and the value to the entity's stakeholders. Similar to the views we expressed in our September 16, 2011 letter to JAASB regarding their May 2011 Consultation Paper Enhancing the Value of Auditor Reporting: Exploring Options for Change, we support the general premise of enhancing the auditor's report to make it more relevant and useful to the reader, reduce the expectations gap, and improve and enhance management's disclosures. We believe that the following will help make the auditor's report more useful to the reader: * the enhanced use of Emphasis of Matter and Other Matter paragraphs to identify specific issues to which the auditor wishes to draw the users' attention, * a fuller explanation and expanded description of the respective responsibilities of management and the auditors, and * the greater prominence of the auditor's opinion in the auditor's report In addition, we support enhanced guidance from accounting standard-setters related to management's Going Concern/Other Information disclosures. Our reasons for supporting these proposed changes are detailed in our responses to the specific questions. Responses to Specific Questions The Board is seeking views on a number of areas where the JAASB would like to obtain a better understanding of national auditing standard setters' (NSS) views on the topic of auditor reporting. We provide our specific comments on the areas listed in the Invitation to Comment below.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most