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A88716 1 (2005-10-31)

handle is hein.gao/gaobadvwu0001 and id is 1 raw text is: A 0 Comptroller General Accountability * Integrity * Reliability of the United States United States Government Accountability Office Washington, DC 20548 October 31, 2005 Mr. James M. Sylph Technical Director International Auditing and Assurance Standards Board 545 Fifth Avenue, 14fi Floor New York, NY 10017 Subject: Proposed International Standards on Auditing (ISA) 701, The Independent Auditor's Report on Other Historical Financial Information and proposed ISA 800, The Independent Auditor's Report on Summary Audited Financial Statements Dear Mr. Sylph: This letter provides the U.S. Government Accountability Office's (GAO) comments on the International Auditing and Assurance Standards Board's (JAASB) proposed ISAs 701 and 800 and on the proposed Conforming Amendments to ISA 200, Objectives and General Principles Governing an Audit of Financial Statements, which were issued in June 2005. GAO strongly supports the consistency between these proposed standards and ISA 700, The Independent Auditor's Report on a Complete Set of General Purpose Financial Statements (revised) on issues such as (1) the need for auditors to consider whether financial information may be misleading, and (2) guidance for auditors to follow in situations when they conclude that such information is misleading. We also support the proposed conforming amendment to ISA 200, paragraph 1(d), which states that the term financial reporting framework designed to achieve fair presentation acknowledges that (1) it may be necessary for management to provide disclosures beyond those required by the framework, and (2) in extremely rare circumstances, it may be necessary for management to depart from the requirements. These provisions will improve the quality of financial auditing standards by emphasizing that judgments about fair presentation include considerations beyond literal compliance with professional standards. The enclosure to this letter details GAO's comments on specific provisions of the proposed standards and our responses to the questions set forth in the Explanatory Memorandum that accompanies the proposed standards.

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