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A88523 1 (2008-02-15)

handle is hein.gao/gaobadvve0001 and id is 1 raw text is: I A 0 Comptroller General M M MAccountability * Integrity * Reliability of the United States United States Government Accountability Office Washington, DC 20548 February 15, 2008 International Federation of Accountants 545 Fifth Avenue, 14th Floor New York, New York 10017 Subject: International Auditing and Assurance Standards Board (IAASB) October 2007 Exposure Draft: ISA 620 (Revised), Using the Work of an Auditor's Expert This letter provides the U.S. Government Accountability Office's (GAO) comments on the JAASB's proposed revisions to ISA 620. GAO is committed to transforming and modernizing the accountability profession; accordingly, we support the JAASB's efforts to enhance the consistency of auditor performance in an audit of financial statements by developing a set of international standards that are generally accepted worldwide. Overall, we support the proposed revisions to ISA 620. In particular, we believe that the proposed revisions to ISA 620 will help improve the consistency of practice related to the auditor's use of experts. In addition, we agree with JAASB's decisions to (1) deal exclusively with considerations relevant to using the work of an auditor's expert in ISA 620 and to amend ISA 500, Considering the Relevance and Reliability ofAudit Evidence for material dealing with using the work of management's experts, and (2) exclude persons or organizations possessing expertise in accounting or auditing from the definition of expert in ISA 620. Lastly, we believe that special considerations in the audit of public sector entities have been appropriately addressed by ISA 620. We identified certain issues that, in our opinion, would benefit from additional clarification or better descriptive terminology. Our suggested revisions focus on the following: * Definition and use of the term auditor's experts, and * Guidance for using the work of accounting and auditing specialists

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