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A92960 1 (2008-09-01)

handle is hein.gao/gaobadwby0001 and id is 1 raw text is: 





Memorandum

Date:    September 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. 50

In order to alert you to changes in professional standards, we issue Professional
Standards Updates. Thanks to Chris Rodriguez, Gloria Proa, Malissa Livingston,
Michelle Philpott, Frank Synowiec, Eric Holbrook, Abe Akresh, and Gail Vallieres,
for their contributions to this issue, which contains summaries of:

Auditing Standards and Guidance

  GAO
  * Federal Information System Controls Audit Manual

  AICPA
  * Clarity Project
  * Technical Practice Aides related to implementing the Audit Risk Standards,
     SASs 104-111
  * Revised Standards for Performing and Reporting on Peer Reviews

  International Auditing and Assurance Standards Board (JAASB) - redrafted
  International Standards on Auditing (ISA)
  * ISA 250, Consideration of Laws & Regulations in an Audit of Financial
     Statements
  * ISA 510, InitialAudit Engagements - Opening Balances
  * ISA 540, AuditingAccounting Estimates, including Fair Value Accounting
     Estimates, and Related Disclosures
  * ISA 550, Related Parties
  * ISA 560, Subsequent Events
  * ISA 570, Going Concern
  * ISA 580, Written Representations

IFAC Guide to Using International Standards on Auditing in the Audits of Small-
and Medium-sized Entities


Regulatory Guidance
  * OMB Circular A-136, Financial Reporting Requirements, 2008 Revision

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