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A92701 1 (2010-07-12)

handle is hein.gao/gaobadwbv0001 and id is 1 raw text is: Professional Standards Update No. 52 Memorandum Date: July 12, 2010 To: GAO's Financial Management and Assurance Team (FMA) CIGIE Financial Audit Community From: James R. Dalkin, Director - FMA Subject: Professional Standards Update No. 52* August 2009 thro ugh June 2010 In order to alert you to changes in professional standards, we issue Professional Standards Updates. The purpose of these updates is to highlight the issuance and some key points of recent standards. Professional Standards Updates do not contain a complete summary of the standards. Those affected by the new standards should refer to the standard for details. Thanks to Tom Hackney and Gail Vallieres for their contributions to this issue which contains summaries of: Auditing and Attestation Standards and Guidance Government Accountability Office (GAO) * 2010 Yellow Book Update American Institute of Certified Public Accountants (AICPA) * Statement on Auditing Standards (SAS) No. 117, Compliance Audits * Statement on Auditing Standards (SAS) No. 118, Other Information in Documents Containing A udited Financial Statements * Statement on Auditing Standards (SAS) No. 119, Supplementary Information in Relation to the Financial Statements as a Whole * Statement on Auditing Standards (SAS) No. 120, Required Supplementary Information * Auditing Standards Board (ASB) Withdraws SAS No. 69, GAAPHierarchies Incorporated into FASB, GASB, FASAB Literature * Clarity and Covergence Project * Statement on Standards for Attestation Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization * Audit Guide: Government Auditing Standards and CircularA-133 Audits * Technical Practice Aid (TPA) Section 8700.01, Subsequent Events - Effect of FASB ASC 855 on Accounting Guidance in A U Section 560 * Technical Practice Aid (TPA) Section 8700.02, Subsequent Events -- Auditor Responsibilities for Subsequent Events * Detecting Circular Cash Flow (Journal ofAccountancy, December 2009) Previously issued Professional Standards Updates can be found at htt:/vww.gao. go/go aud/ si.htm

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