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A88278 1 (2009-05-29)

handle is hein.gao/gaobadvub0001 and id is 1 raw text is: I GA 0 T M WAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 May 29, 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) January 2009 Exposure Draft for a proposed Statement on Auditing Standards (SAS), entitled Consideration of Laws and Regulations in an Audit of Financial Statements. This letter provides the U.S. Government Accountability Office's (GAO) comments on the ASB's proposed SAS on the consideration of laws and regulations in an audit of financial statements. Generally, we support the proposed statement and agree that the standard appropriately addresses auditor responsibilities to consider laws and regulations in a financial statement audit. Comments on Expanding the Auditor's Responsibility The ASB has requested comment on the wording of paragraph 12b of the proposed standard, specifically (1) if this wording expands the auditor's responsibility related to the entity's compliance with laws and regulations, and (2) if so, whether the expansion is appropriate. Paragraph 12b would require auditors to obtain a general understanding of how the entity is complying with the legal and regulatory framework applicable to the entity and its industry. The provisions of extant AU 317.08 require auditors to make inquiries of management concerning the entity's compliance with laws and regulations. The following matrix compares the wording of the extant and the proposed standards.

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