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A92965 1 (2007-01-01)

handle is hein.gao/gaobadwcb0001 and id is 1 raw text is: 





Memorandum

Date:    January 2007
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. 47


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



Auditing Standards

GAO
* Government Auditng Standards, 2007Revision

AICPA Auditing Standards Board (ASB)
 SAS No. 113, Omnibus 2006
 SAS No. 114, The Auditor's Communication With Those Charged With
Governance
* SSAE No. 14, SSAEHierarchy
*Journal ofAccountancy articles on AICPA Audit Risk Standards, SAS No. 104
through No. 111
 Audit Guide: Assessing and Responding to Audit Risk in a Financial Statement Audit
 Alternative Investments- Audit Considerations, a Practice Aid


Public Company Accounting Oversight Board (PCAOB)
* Observations on Auditors'Implementation ofPCA OB Standards Relating to
Auditors' Responsibilities with Respect to Fraud


Institute of Internal Auditors (11A)
 The Role ofAuditingin Public Sector Governance
 Revision to International Standard for the Professional Practice of Internal
Auditing No. 1312, External Assessments


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