Recent Developments in Auditing Standards
Over the last six and a half years, the auditing profession has seen an unprecedented number of new and revised directives by virtually every agency and/or independent body responsible for the issuance of auditing standards and/or related guidance. A partial listing of such changes follows.
- Since December 2005, the American Institute of Certified Public Accountants (AICPA) has issued 24 new Statements on Auditing Standards (SASs), including an unprecedented 13 new SASs through December 2006. In addition, with regard to attestation engagement, an area of ever-growing importance to Federal auditors, the AICPA added five Statements on Standards for Attestation Engagements (SSAEs), including a major change to reporting on controls at a service organization, a subject previously covered by SASs.
- The Government Accountability Office (GAO) has issued two revised versions of its Government Auditing Standards (Yellow Book) as well as revisions to its Financial Audit Manual (FAM) and Federal Information Systems Controls Audit Manual (FISCAM) guidance.
- The Office of Management and Budget (OMB) has issued two audit requirements for Federal financial statements bulletins (06-03 and 07-04) plus a 2008 revision to the current OMB Audit Requirements for Federal Financial Statements (Bulletin 07-04). Although it was issued in 2004, the revised OMB Circular A-123, Management’s Responsibility for Internal Control (including Appendix ...