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A92951 1 (2010-09-22)

handle is hein.gao/gaobadwbw0001 and id is 1 raw text is: 




~GAO

Memorandum


Date:         September 22, 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. 53*
              July 2010 through September 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 Exposure Draft of the 2011 Revision of GAGAS

   American Institute of Certified Public Accountants (AICPA)
   * Clarity Project Update
   * Convergence Milestone (Journal of Accountancy, August 2010)
   * Replacing SAS 70 (Journal of Accountancy, August 2010)

   Institute of Internal Auditors (11A)
   * Global Technology Audit Guide 14: Auditing User-development Applications
   * Global Technology Audit Guide 15: Information Security Governance (ISG)
   * Practice Guide: Chief Audit Executives - Appointment, Performance Evaluation
      and Termination

   Public Company Accounting Oversight Board (PCAOB)
   PCAOB Audit Risk Suite: The Auditor's Assessment and Response to Risk
   * Auditing Standard 8 (AS No. 8) - Audit Risk
   * Auditing Standard 9 (AS No. 9) - Audit Planning
   * Auditing Standard 10 (AS No. 10) - Supervision of the Audit Engagement
   * Auditing Standard 11 (AS No. 11) - Consideration of Materiality in Planning
      and Performing an Audit

 Previously issued Professional Standards Updates can be found at htti/iwww. oao. gov/oxo-aud/su.htn

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