Exposure Drafts, Comment Letters, and Statements of Position
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Description
The Auditing Standards Board is issuing this proposed statement on auditing standards to revise the guidance contained in Statement on Auditing Standards (SAS) No. 68, Compliance Auditing Applicable to Governmental Entities and Other Recipients of Governmental Financial Assistance (AICPA, Professional Standards, vol. 1, AU sec. 801). This proposed Statement would provide generic guidance to practitioners engaged to perform compliance audits of governmental entities and other recipients of governmental financial assistance. In addition, this proposed Statement would not require frequent revision and updating because it does not identify compliance requirements or specify the form of reporting. This proposed Statement: a. Recognizes three levels of audits (generally accepted auditing standards, Government Auditing Standards, and certain other federal requirements) of recipients of governmental financial assistance. b. Reduces the level of detail included in the auditing standards. (Specific performance and reporting guidance would be included, more appropriately, in the applicable audit and accounting guides and statements of position.) This proposed Statement would supersede SAS No. 68, Compliance Auditing Applicable to Governmental Entities and Other Recipients of Governmental Financial Assistance. Furthermore, as a consequence of the foregoing change, the proposed Statement would require conforming changes to and updating of the guidance in related statements of position and audit and accounting guides.
Publication Date
1994
Relational Format
Book
Keywords
Administrative agencies -- Auditing -- Standards -- United States; Economic assistance, Domestic -- Auditing -- Standards -- United States
Disciplines
Accounting | Taxation
Recommended Citation
American Institute of Certified Public Accountants. Auditing Standards Board, "Proposed statement on auditing standards : Compliance auditing considerations in audits of governmental entities and other recipients of governmental financial assistance;Compliance auditing considerations in audits of governmental entities and other recipients of governmental financial assistance; Exposure draft (American Institute of Certified Public Accountants), 1994, May 12" (1994). Exposure Drafts, Comment Letters, and Statements of Position. 596.
https://egrove.olemiss.edu/aicpa_sop/596
Comments
Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.