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A88277 1 (2009-07-15)

handle is hein.gao/gaobadvua0001 and id is 1 raw text is: A 0 .,! = Accountability * Integrity Reliability United States Government Accountability Office Washington, DC 20548 July 15, 2009 Ms. Sherry Hazel Audit and Attest Standards American Institute of Certified Public Accountants 1211 Avenue of the Americas New York, New York 10036-8775 Subject: AICPA Auditing Standards Board (ASB) April 2009 Exposure Draft for a proposed Statement on Auditing Standards (SAS), entitled Subsequent Events and Subsequently Discovered Facts. This letter provides the U.S. Government Accountability Office's (GAO) comments on the ASB's proposed SAS on subsequent events and subsequently discovered facts in an audit of financial statements. Generally, we support the proposed statement and agree that the standard appropriately addresses the auditor's responsibilities to consider subsequent events and subsequently discovered facts in a financial statement audit. In particular, we support the clarification and enhancement of the auditor's responsibilities related to subsequently discovered facts that become known to the auditor after the report release date and believe these provisions will help improve transparency and consistency of practice in this area. Comments on the Definition of Subsequent Events The ASB is seeking comments on the definitions of subsequent events and subsequently discovered facts in the proposed standard. We believe the separate definitions are appropriate and we support these new definitions. Comments on the Reissuance of the Auditor's Report The ASB has requested comments on the clarity and placement within this proposed SAS of the predecessor auditor's responsibilities when reissuing a report on previously issued financial statements of a prior period that are to be presented on a comparative basis with audited financial statements of a subsequent period. * We agree with the placement of these requirements and believe that placing together the responsibilities of both the predecessor and successor auditor related to subsequently discovered information in this standard will help facilitate the auditor's understanding of and compliance with these requirements.

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