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A88666 1 (2005-05-02)

handle is hein.gao/gaobadvwh0001 and id is 1 raw text is: i , G A 0Comptroller General . ....LAccountability * Integrity Reliability of the United States United States Government Accountability Office Washington, DC 20548 May 2, 2005 Mr. John Fogarty, Chair Auditing Standards Board AICPA 1211 Avenue of the Americas New York, NY 10036-8775 Subject: Proposed Statement on Auditing Standards --Audit Documentation (To Supersede Statement on Auditing Standards No. 96, Audit Documentation) This letter provides the U.S. Government Accountability Office's (GAO) comments on the Auditing Standards Board's (ASB) January 12, 2005 exposure draft of a proposed Statement on Auditing Standard (SAS) entitled Audit Documentation. We commend the ASB for the many provisions in the proposed standard that add rigor and consistency to ASB auditor documentation requirements. Overall, we support the proposed standard. We are especially pleased that the proposed standard adopts the reviewability principle that is set forth in U.S. Government Auditing Standards. Under the provisions of the reviewability principle, audit documentation related to planning, conducting, and reporting on the audit should contain sufficient information to enable an experienced auditor who has had no previous connection with the audit to ascertain from the audit documentation the evidence that supports the auditors' significant judgments and conclusions.' The reviewability principle is also incorporated by the U.S. Public Company Accounting Oversight Board (PCAOB) in its Auditing Standard No. 3, Audit Documentation and is included in the proposed revisions to the audit documentation standard of the International Auditing and Assurance Standards Board (IAASB). The enclosure to this letter details GAO's comments on the following provisions of the ASB's proposed standard on audit documentation: Definition of Experienced Auditor Timing of Audit Documentation Retention of Audit Documentation 'Government Auditing Standards (GAO-03-673G, June 2003), paragraph 4.22.

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