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A88533 1 (2007-11-28)

handle is hein.gao/gaobadvvi0001 and id is 1 raw text is: G AComptroller General Accountability * Integrity * Reliability of the United States United States Government Accountability Office Washington, DC 20548 November 28, 2007 International Federation of Accountants 545 Fifth Avenue, 14' Floor New York, New York 10017 Subject: International Auditing and Assurance Standards Board (JAASB) July 2007 Exposure Drafts: * ISA 700, The Independent Auditor's Report on General Purpose Financial Statements * ISA 705 (Revised), Modifications to the Opinion in the Independent Auditor's Report * ISA 706 (Revised), Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in the Independent Auditor's Report * ISA 800 (Revised), Special Considerations--Audits of Special Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement * ISA 805 (Revised), Engagements to Report on Summary Financial Statements This letter provides the U.S. Government Accountability Office's (GAO) comments on the JAASB's proposed revisions to the International Standards on Auditing (ISAs) listed above. GAO is committed to providing leadership in modernizing and transforming the accountability profession in the public and private sectors, both domestically and internationally. Accordingly, we commend the JAASB's efforts in developing global auditing standards, including the organization's work to improve the clarity and structure of the auditors' report. This work is crucial for improving the quality of auditing world wide. In our review of the proposed standards, we identified certain aspects of the standards that should be either clarified or better defined for users to effectively apply the standards. These matters are discussed further in the attachments to this letter We are concerned that the JAASB's accelerated schedule for revising and redrafting all the ISAs by late 2008 does not allow sufficient time for users to consider the revisions to the various standards in the aggregate. Accordingly, we recommend extending the JAASB's schedule for revising and redrafting the ISAs to allow adequate time for the JAASB to finalize one set of standards before requesting comment on subsequent proposed standards. We believe such an extension is needed so that stakeholders can evaluate the effect of prior revisions on current projects.

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