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The major decision reflected in this exposure draft is that, based on the accountant's performance of specified review procedures, he should be permitted to issue a report, accompanied by an expression of assurance, on his review of interim financial information of publicly held entities. Such a report could accompany interim financial information issued by publicly held companies that is contained in interim reports issued to stockholders, the board of directors, or others, or filed periodically with regulatory agencies. The Auditing Standards Board believes the procedures established in Statement on Auditing Standards No. 10 continue to be appropriate for an accountant's review of interim financial information. Those procedures have been incorporated in this exposure draft and a requirement to obtain a client representation letter has been added.
Financial statements, Interim -- Standards -- United States
Accounting | Taxation
American Institute of Certified Public Accountants. Auditing Standards Board, "Proposed statement on auditing standards : Review of interim financial information;Review of interim financial information" (1978). Statements of Position. 402.