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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.
Financial statements -- United States; Auditors' reports --Standards -- United States
Accounting | Taxation
American Institute of Certified Public Accountants. Auditing Standards Board, "Proposed statement on auditing standards : special reports ;Special reports" (1988). Statements of Position. 516.