ASB Issues New Interpretations on SAS No. 58, Reports on Audited Financial Statements

CPA Letter, The, August, 2004 by Anonymous

accounting & auditing news

The Auditing Standards Board has issued two new interpretations on SAS No. 58, Reports on Audited Financial Statements. Interpretation 17 provides illustrative language in the auditor's report to clarify that an audit performed in accordance with generally accepted auditing standards does not require the same level of testing and reporting on internal control over financial reporting as an audit of an issuer for whom section 404(b) of the Sarbanes-Oxley Act of 2002 is applicable.

Interpretation 18 clarifies the applicability of GAAS and provides illustrative language for a dual reference reporting situation when the audit was conducted in accordance with both GAAS and the auditing standards of the PCAOB. These interpretations are available at www.aicpa.org/members/div/auditstd/announce/index.htm.>

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