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A92962 1 (2008-02-01)

handle is hein.gao/gaobadwbz0001 and id is 1 raw text is: 





Memorandum

Date:    February 2008

To:      GAO's Financial Management and Assurance Team
         PCIE/IG Financial Audit Community

From:    Jeanette M. Franzel, Director - FMA
         Steven J. Sebastian, Director - FMA

Subject: Professional Standards Update No. 49

In order to alert you to changes in professional standards, we issue Professional
Standards Updates. Thanks to Cynthia Teddleton, Heather Keister, Corinne
Robertson, Chelsea Lounsbury, Gail Vallieres, and Frank Synowiec for their
contributions to this issue, which contains summaries of:

Auditing Standards and Guidance

  GAO/PCIE
  0 Financial Audit Manual (FAM)

  GAO
  *  Government Auditing Standards: Implementation Tool
  *  Guidance on Complying with Government Auditing Standards Reporting
     Requirements for the Report on Internal Control for Audits of Certain Entities
     Subject to the Requirements of the Sarbanes-OxleyAct of 2002 and
     Government Auditing Standards.

  AICPA Auditing Standards Board (ASB)
  * Statement on Quality Control Standards (SQCS) No. 7, A Firm ' System of
     Quality Control
  * Center for Audit Quality (CAQ) Alert #2007-51, accounting issues related to
     current illiquid market conditions.
  * Navigating the Crossroads of Control and Independence, published in the
     December 2007 issue of the Journal of Accountancy
  * Question (Q) & Answers (A)s related to the Risk Assessment Standards, SAS
     Nos. 104-111.

  Public Company Accounting Oversight Board (PCAOB)
    * Staff Audit Practice Alert No. 2: Matters Related to Auditing Fair Value
       Measurements of Financial Instruments and the Use of Specialists

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