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Published 1 (2022-06-07)

handle is hein.gao/gaonep0001 and id is 1 raw text is: G A O U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 June 7, 2022 Ms. Gabriela Figueiredo Dias Chair International Ethics Standards Board for Accountants 529 Fifth Avenue New York, NY 10017 GAO's Response to the International Ethics Standards Board for Accountants' Proposed Revisions to the Code Relating to the Definition of Engagement Team and Group Audits Dear Ms. Figueiredo Dias: This letter provides GAO's comments on the International Ethics Standards Board for Accountants' (IESBA) Proposed Revisions to the Code Relating to the Definition of Engagement Team and Group Audits. GAO promulgates generally accepted government auditing standards, which provide professional standards for auditors of government entities in the United States. We support the IESBA's efforts to revise its standards to reflect group audits. In our responses, we identify several areas where improvements and clarifications are necessary. In particular, we believe the explanatory guidance in paragraphs 400.A through 400.D can be improved by adding examples and modifying some of the existing examples. In addition, we believe the definitions can be improved to clearly identify that an engagement quality reviewer can come from outside the network. We also believe that additional application materials with examples will improve the clarity of the definitions and proposed changes to the standards related to group audits and how to address independence breaches. The IESBA seeks comment on 10 specific questions. Our responses to the questions follow in the enclosure to this letter. Thank you for the opportunity to comment. If you have questions about this letter or would like to discuss any of our responses, please contact me at (202) 512-3133 or dalkinj@gao.gov. Sincerely yours, James R. Dalkin Director Financial Management and Assurance Enclosure Page 1

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