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C00108 1 (2011-08-15)

handle is hein.gao/gaobadvxw0001 and id is 1 raw text is: I T E IAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 August 15, 2011 Technical Director International Auditing and Assurance Standards Board 545 Fifth Avenue, 14th Floor New York, New York 10017 Subject: International Auditing and Assurance Standards Board (IAASB) April 2011 Exposure Draft, ISAE 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information This letter provides the U.S. Government Accountability Office's (GAO) comments on the IAASB's Exposure Draft. We support the Board's efforts to develop a principles-based standard that is capable of being applied to a broad range of subjects and provides a basis for subject-specific International Standards on Assurance Engagements (ISAE). We believe that this is a positive step in establishing guidance that will help auditors understand the special considerations involved in assurance engagements other than audits or reviews of historical financial information. We have comments regarding the consideration of computer- based information systems and fraud, in addition to responses to specific questions. Responses to Specific Questions The Board is seeking views on a number of areas where the IAASB would like to obtain a better understanding on the topic of assurance engagements other than audits or reviews of historical financial information. We provide our specific comments below: Question 1: Nature and Extent of Requirements Greater Clarity Is Needed Regarding Limited Assurance Engagements We support the IAASB's efforts in revising ISAE 3000 to conform to the clarity drafting conventions and to incorporate essential concepts from the Assurance Framework. However, we believe that the ISAE should clarify what is meant by the level of assurance being meaningful to the intended users and the procedures the auditor is expected to perform to determine whether the level of assurance is meaningful to the intended users, particularly with respect to defining a limited assurance engagement (paragraph 8(a)(i)(b)), determining the nature, timing, and extent of procedures performed (paragraph 42(a)), and summarizing the work performed (paragraph 60(k)). Alternatively, the Board might consider whether a different threshold is appropriate. For example, ISAE 3402 discusses, as a condition

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