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A88846 1 (2010-01-15)

handle is hein.gao/gaobadvxa0001 and id is 1 raw text is: AGA 0 Accountab ity I Integrity Reliability United States Government Accountability Office Washington, DC 20548 January 15, 2010 Ms. Sherry Hazel Audit and Attest Standards American Institute of Certified Public Accountants (AICPA) 1211 Avenue of the Americas New York, New York 10036-8775 Subject: AICPA Auditing Standards Board (ASB) October 2009 Exposure Draft of proposed Statements on Auditing Standards (SAS) Terms of Engagement and Written Representations. This letter provides the U.S. Government Accountability Office's (GAO) comments on the ASB's proposed statements on auditing standards. The proposed SASs appropriately address the auditor's responsibilities for reaching agreement on the terms of the audit engagement and obtaining written representations. Our responses to the questions in the Board's Issues for Consideration and Specific Comments are provided in this letter. Editorial suggestions and other comments are included in the attachment to this letter. Issues for Consideration The Board asks respondents specifically to consider the following questions: 1. In the circumstances of a recurring audit when the auditor has determined that there is no need to revise the terms of the engagement, which one of the following requirements is the most appropriate: a. A requirement that the auditor remind the entity of the existing terms of the engagement each year (as in the proposed SAS), or b. A requirement that the auditor assess whether to remind the entity of the existing terms of the engagement each year (as in ISA 210) Since we are not aware of any compelling reasons for diverging from ISA 210, we support the option to require that the auditor assess whether to remind the entity of the existing terms of the engagement each year, as denoted in 1(b).

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