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D04683 1 (2013-05-15)

handle is hein.gao/gaobadpnk0001 and id is 1 raw text is: GO US. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 May 15, 2013 Mr. James Gunn IAASB Technical Director International Auditing and Assurance Standards Board 545 Fifth Avenue, 14th Floor New York, New York 10017 Subject: International Auditing and Assurance Standards Board January 2013 Consultation Paper, A Framework for Audit Quality. Dear Mr. Gunn, This letter provides the U.S. Government Accountability Office's (GAO) comments on the International Auditing and Assurance Standards Board (IAASB or Board) Consultation Paper entitled A Framework forAudit Quality. We appreciate the IAASB's goal of developing a comprehensive framework for audit quality, including the factors that contribute to the consistent performance of quality audits. We generally support the IAASB's efforts to raise awareness of the key elements of audit quality, encourage stakeholders to explore ways to improve audit quality, and facilitate a greater dialogue between the key stakeholders and users of the auditor's report. The document itself is well organized by conceptual area, and the graphics on the heading of each page and throughout the paper are well-conceived and helpful. However, we believe the value and usefulness of the consultation paper would be enhanced if it addressed how this document is expected to be used and its relationship with the other frameworks established by the IAASB. We also suggest clarifying if and how the Framework is to be used by the IAASB to develop future auditing standards. The Board has asked respondents for comments on the specific matters discussed in the Consultation Paper and we have provided responses to these questions below. Along with these specific responses, we are providing additional comments for your consideration. Request for Specific Comments 1. Does the Framework cover all of the areas of audit quality that commenters would expect? If not, what else should be included? We believe that the Framework covers the key areas of audit quality. We noted that it does not fully consider issues common to governmental auditors and audits of public sector entities. For example, and as described in greater detail below, engagement acceptance and continuance decisions are not always possible for public sector organizations. The Framework is written primarily for a corporate or commercial audience, and while it includes a section on considerations specific to public sector audits, it does not fully address the issues that are often involved with audits of public sector entities. We suggest merging considerations specific to

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