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A88557 1 (2007-09-15)

handle is hein.gao/gaobadvvl0001 and id is 1 raw text is: im A 0 Comptroller General K, N Accountability * Integrity * Reliability of the United States United States Government Accountability Office Washington, DC 20548 September 15, 2007 International Federation of Accountants 545 Fifth Avenue, 14th Floor New York, New York 10017 USA Subject: International Auditing and Assurance Standards Board (IAASB) April 2007 Exposure Draft: ISA 200, Overall Objective of the Independent Auditor; and the Conduct of an Audit in Accordance with International Standards on Auditing This letter provides the U.S. Government Accountability Office's (GAO) comments on the IAASB's proposed revisions to ISA 200. Our comments on the proposed ISA address * Financial Reporting Frameworks * Scope of the ISA * Considerations Specific to Audits of the Public Sector * Discussing the Auditor's and Management's Responsibilities with Respect to Financial Statements * Definitions * Simplifying the Discussion on Applying, and Complying with, Relevant Requirements * Sufficient Appropriate Audit Evidence Financial Reporting Frameworks We recommend rewriting the discussions of financial reporting frameworks in paragraphs 16 and A2-A8 of the Exposure Draft to make the discussions more understandable and consistent with ISAs 700 and 800. For instance, we have the following concerns with these paragraphs: * Paragraph 16 introduces the term compliance framework to refer to a framework that is not a fair presentation framework; however, compliance framework is not used elsewhere in the standards. We recommend instead using framework that is not designed to achieve fair presentation, which is consistent with the terminology used in ISA 800.09. * We recommend further developing the definition of fair presentation framework in paragraph 16, which seems incomplete and does not include important qualities discussed in ISA 700.10, such as providing a context for evaluating the fair presentation of the financial statements.

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