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A88763 1 (2009-12-22)

handle is hein.gao/gaobadvwy0001 and id is 1 raw text is: GA 0 AccountabiIlty I integrIty I Reiability United States Government Accountability Office Washington, DC 20548 December 22, 2009 Ms. Sherry Hazel Audit and Attest Standards American Institute of Certified Public Accountants 1211 Avenue of the Americas New York, New York 10036-8775 Subject: AICPA Auditing Standards Board (ASB) September 2009 Exposure Draft for a proposed SAS, Reporting on Compliance With Aspects of Contractual Agreements or Regulatory Requirements in Connection With Audited Financial Statements (Redrafted). This letter provides the U.S. Government Accountability Office's (GAO) comments on the ASB's proposed SAS on reporting on an entity's compliance with aspects of contractual agreements or regulatory requirements in connection with a financial statement audit. Overall we support the proposed SAS, except for the section on reporting on noncompliance. Identified Items of Noncompliance The ASB asked for specific comments on the reporting on compliance with aspects of contractual agreements or regulatory requirements in connection with an audit of financial statements when the auditor has identified one or more items of noncompliance. Specifically, the Board asked the following questions: 1. Should the auditor provide negative assurance when the auditor has identified items of noncompliance? 2. When the items of noncompliance are pervasive, should the auditor be precluded from issuing negative assurance? 3. If the auditor was precluded from issuing negative assurance in the situation in question 2, what form of report should the auditor issue in relation to reporting on compliance with aspects of contractual agreements or regulatory requirements in connection with the audit of financial statements?

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