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A93555 1 (2011-03-21)

handle is hein.gao/gaobadvxp0001 and id is 1 raw text is: A GA 0 Accountabiity I Integrity Reliability United States Government Accountability Office Washington, DC 20548 March 21, 2011 Technical Director International Auditing and Assurance Standards Board 545 Fifth Avenue, 14' Floor New York, New York 10017 Subject: International Auditing and Assurance Standards Board (JAASB) October 2010 Exposure Draft for a proposed International Auditing Practice Statement (lAPS) entitled lAPS 1000, Special Considerations in Auditing Complex Financial Instruments. This letter provides the U.S. Government Accountability Office's (GAO) comments on the JAASB's proposed practice statement regarding special considerations in auditing complex financial instruments. We agree with the intent of this guidance, which is to provide background information to the auditor regarding special considerations when auditing complex or derivative-type financial instruments, and we believe that this is a positive step in establishing guidance that will help auditors understand the special considerations involved in auditing complex financial instruments. In addition, this guidance is well- timed to assist the international audit community as the use of complex or derivative- type financial instruments becomes more prevalent. Responses to Specific Questions The board is seeking views on the following questions related to the content of the proposed LAPS. We provide the requested comments below. 1. Is the material included in the proposed IAPS appropriate in light of the proposed status and authority of new IAPSs? We agree that the material included in the proposed LAPS is appropriate in light of the proposed status and authority of new APSs. The proposed LAPS 1000 clarifies the purpose of the lAPS, imposes no new requirements beyond those described in the ISAs, and will assist auditors in understanding the applicability of the relevant LAPS.

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