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A88419 1 (2008-04-30)

handle is hein.gao/gaobadvuy0001 and id is 1 raw text is: im T I IAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 April 30, 2008 International Auditing and Assurance Standards Board International Federation of Accountants 545 Fifth Avenue, 14th Floor New York, New York 10017 Subject: International Auditing and Assurance Standards Board (IAASB) December 2007 Exposure Draft: ISA 402 (Revised and Redrafted), Audit Considerations Relating to an Entity Using a Third Party Service Organization This letter provides the U.S. Government Accountability Office's (GAO) comments on the JAASB's proposed revisions and redrafts to ISA 402. Overall, we support the proposed revisions. The Board has asked respondents to comment on specific questions regarding the application of the clarity drafting conventions and the proposed conforming amendments. We provide comments on those questions in this letter and recommend specific wording changes in the related attachment. Request for Specific Comments Question 1. Paragraph 4 of proposed ISA 402 (Revised and Redrafted) allows for the ISA to be adapted, as necessary in the circumstances, to situations where an entity uses a shared service center which provides services to a group of related entities. In particular, the IAASB would welcome views as to whether: (a) The ISA is capable of being adapted for these circumstances; and (b) If there are additional opportunities within the Application and Other Explanatory Material where additional guidance relating to shared service centers could be added to enhance the ISA without duplicating material in other ISAs. Response/Comment: Question 1(a): Yes, the ISA can be adapted to situations where an entity uses a shared service center that provides services to a group of related entities.

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