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A88312 1 (2008-12-23)

handle is hein.gao/gaobadvum0001 and id is 1 raw text is: &GAO Accountabiity * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 December 23, 2008 Ms. Sherry Hazel Audit and Attest Standards American Institute of Certified Public Accountants 1211 Avenue of the Americas New York, NY 10036-8775 This letter provides the U.S. Government Accountability Office's (GAO) comments on the ASB's September 2008, Exposure Draft of the following: Proposed Preface to Codification of Statements on Auditing Standards, Principles Governing an Audit Conducted in Accordance with Generally A ccepted A uditing Standards Proposed Statement on Auditing Standards, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally A ccepted A uditing Standards Overall, we support the proposed preface and standard, which appropriately summarize the fundamental principles that govern an audit and establish the auditor's overall responsibilities when conducting a financial statement audit in accordance with generally accepted auditing standards (GAAS). The Board has asked respondents to comment on specific topics in addition to comments or suggestions on any other aspect of this exposure draft. We provide the requested comments and suggestions in this letter and recommend specific wording changes in the related attachment. Comments on Specific Topics: Question 1: Are the objectives to be achieved by the auditor, stated in the proposed SAS, appropriate? Response: The objectives in paragraph 11 of the proposed SAS are appropriate but incomplete. As drafted, paragraph 11 accurately describes the overall objectives of the auditor in conducting such an audit; however, it does not describe the context in which the requirements of the proposed standard are set or serve to focus the auditor on the desired outcome of the relevant AU section. In addition, it does not explain that the overall objectives of the auditor in conducting an audit of financial statements and the auditor's objectives in complying with the requirements of this AU Section are the same. Finally, the format and structure of the objectives are not consistent with other redrafted SASs or the guidance presented in paragraph A70 of the proposed standard.

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