Exposure Drafts, Comment Letters, and Statements of Position
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Description
This Statement changes generally accepted auditing standards as follows: (1) Prescribes a new special report form that parallels the form of the new auditor's standard report in SAS no. 58, Reports on Audited Financial Statements; (2) Clarifies that there is no requirement to describe in the special report how the presentation differs from a presentation in conformity with generally accepted accounting principles; (3) Amends guidance on reporting on compliance with contractual agreements in connection with an audit by restricting the distribution of these reports and limiting the matters that an auditor can provide assurance on to auditing and accounting matters; (4) Clarifies requirments for issuing, and restricts the distribution of, special reports on financial presentations prepared to comply with a basis of accounting prescribed in a contract or agreement that results in a) a presentation that in not GAAP or an other comprehensive basis of accounting (OCBOA) or b) an incomplete GAAP or OCBOA presentation. 5. Deletes the requirement to express an adverse opinion on presentations prepared to comply with contractual agreements or regulatory provisions that are not in conformity with GAAP or OCBOA.
Publication Date
1988
Relational Format
Book
Keywords
Financial statements -- United States; Auditors' reports --Standards -- United States
Disciplines
Accounting | Taxation
Recommended Citation
American Institute of Certified Public Accountants. Auditing Standards Board, "Proposed statement on auditing standards : special reports ;Special reports; Exposure draft (American Institute of Certified Public Accountants), 1988, Aug. 31" (1988). Exposure Drafts, Comment Letters, and Statements of Position. 516.
https://egrove.olemiss.edu/aicpa_sop/516
Comments
Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.