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A97258 1 (2011-07-07)

handle is hein.gao/gaobadwcg0001 and id is 1 raw text is: aPGAO Memorandum Date: July 7, 2011 To: GAO's Financial Management and Assurance Team (FMA) CIGIE Financial Audit Community From: James R. Dalkin, Director - FMA Subject: Professional Standards Update No. 55* January through April 2011 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 relevant standard for details. Thanks to Bruce David, Tom Hackney, Theresa Phipps, and Gail Vallieres for their contributions to this issue which contains summaries of: Auditing and Attestation Standards and Guidance AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) * Clarified SAS: Audit Evidence-Specific Considerations for Selected Items * Clarified SAS: Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks * Clarified SAS: Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures * Clarified SAS: Consistency of Financial Statements * SSARS No. 20, Revised Applicability of Statements on Standards for Accounting and Review Services Regulatory Requirements OFFICE OF MANAGEMENT AND BUDGET (OMB) M-11-16, Issuance of Revised Parts I and II to Appendix C of OMB Circular A-123 (April 2011) * M-11-12, 2011 Discount Rates for OMB Circular No. A-94 (February 2011) Accounting Standards and Guidance FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD (FASAB) * Financial Reporting Model Task Force Report to the FASAB: Electronic, Web-Based Financial Reporting FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) * Accounting Standards Update No. 2011-03, Transfers and Servicing (Topic 860): Reconsideration of Effective Control for Repurchase Agreements GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB) * Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements Previously issued Professional Standards Updates can be found at httD//wWW.%ao. ov/govaud/psu.htm

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