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A88654 1 (2005-05-02)

handle is hein.gao/gaobadvwf0001 and id is 1 raw text is: i Js G A 0 Comptroller General Accountability * Integrity * Reliability of the United States United States Government Accountability Office Washington, DC 20548 May 2, 2005 Mr. James M. Sylph Technical Director International Auditing and Assurance Standards Board 545 Fifth Avenue, 14' Floor New York, NY 10017 Subject: Proposed Revisions to International Standard on Auditing No. 320- Materiality in the Identification and Evaluation of Misstatements This letter provides the U.S. Government Accountability Office's (GAO) comments on the International Auditing and Assurance Standards Board (JAASB) December 2004, proposed revisions to International Standard on Auditing (ISA) No. 320 - Materiality in the Identification and Evaluation of Misstatements. GAO actively coordinates with accountability organizations around the world, and actively participates in the International Organization of Supreme Audit Institutions (INTOSAI), the professional organization of the national audit offices of 184 countries. Through our international work, we strive to strengthen professional standards, promote best practices, provide technical assistance, leverage resources, and develop strategic working relationships that allow us to extend our institutional knowledge and experience around the world. We commend the JAASB for its work to establish high quality auditing and assurance standards and to improve the uniformity of practice by professional accountants throughout the world. Overall, we support the JAASB's proposed revisions to ISA 320. We especially support the increased recognition of the need for greater consideration of not only size but also an entity's nature and circumstances when determining materiality and evaluating misstatements. We believe that the proposed standard could be enhanced in several areas that would strengthen audits in both the public and private sectors. Our specific comments are included in the comment letter of the INTOSAI Working Group on Financial Audit Guidelines dated April 22, 2005. The INTOSAI Working Group comment letter includes several suggested enhancements and, most notably, it includes proposed public sector guidance to include in the proposed standard. We believe that the changes proposed by the INTOSAI Working Group would strengthen audits in both the public and private sectors. A copy of the INTOSAI Working Group comment letter is enclosed.

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