Statements of Position

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Description

The Auditing Standards Board (ASB) is issuing this proposed statement on auditing standards (SAS) and statement on standards for attestation engagements (SSAE) to provide auditors* with reporting guidance and an example letter when certain parties request a letter but do not provide the representation letter described in paragraphs 6 and 7 of SAS No. 72, Letters for Underwriters and Certain Other Requesting Parties (AICPA, Professional Standards, vol. 1, AU sec. 634). These proposed Statements amend various sections of the SASs and the SSAEs. The most significant provision of the proposed Statements consists of amendments to SAS No. 72 that provide reporting guidance when one of the parties identified in paragraph 3, 4, or 5 of SAS No. 72, other than an underwriter or other party with a due diligence defense under section 11 of the Securities Act of 1933, requests a comfort letter but does not provide the representation letter described in paragraphs 6 and 7 of SAS No. 72. These proposed Statements would amend SAS No. 72, paragraphs 9 and 63. In addition, the proposed amendment would require revision to the following: 1. SSAE No. 1, Codification of Statements on Standards for Attestation Engagements (AICPA, Professional Standards, vol. 1, AT secs. 100.59, 200.49, 300.01) 2. SAS No. 35, Special Reports — Applying Agreed-Upon Procedures to Specified Elements, Accounts or Items of a Financial Statement (AICPA, Professional Standards, vol. 1, AU sec. 622)

Publication Date

1994

Relational Format

Book

Keywords

Securities -- United States -- Accounting; Stocks -- United States -- Accounting; Auditors -- United States -- Correspondence

Disciplines

Accounting | Taxation

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Proposed statement on auditing standards and statement on standards for attestation engagements : amendments to statement on auditing standards no. 72, Letters for underwriters and certain other requesting parties, and to statements on standards for attestation engagements;Amendments to statement on auditing standards no. 72, Letters for underwriters and certain other requesting parties, and to statements on standards for attestation engagements; Exposure draft (American Institute of Certified Public Accountants), 1994, Oct. 28

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