| Comment Letters for Proposed Standards Issued by the Section’s Auditing Standards Committee Over the past year, the Section’s Auditing Standards Committee (ASC) has issued four comment letters relating to standards issued by the Auditing Standards Board. The Executive Committee and the ASC decided to utilize The Auditor’s Report as an outlet for making you aware of the letters and allow you the opportunity to view them. Below are descriptions of the standard associated with the comment letter, an embedded link to the underlying exposure draft, and an embedded link to the comment letter sent by the ASC. (If you printed a hard copy of The Auditor’s Report, you will need to go online to access the exposure drafts and letters.) Please keep in mind that the comment letters are based solely on the opinion of the ASC and do not represent the Section or AAA as a whole. The ASC encourages all Section members to be active participants in the comment process and will continue to make you aware of important standards from various standards-setting bodies that are exposed for comment. If you have any comments for the ASC, contact current Committee Chair, Brian Ballou (bballou@business.auburn.edu). October 2001 Letter Associated with Standard on Audit Documentation (now SAS No. 96). Committee: Kay Tatum, Chair; Brian Ballou, Vice Chair; Stephen Asare, Karla Johnstone, Konrad Kubin, Larry Rittenberg, and Roger Simnett. Summary of Standard: http://www.aicpa.org/members/div/auditstd/riasai/sas96.htm ASC Comment Letter: /audit/Pubs/Audrep/03spring/Antifraud_Guidance.pdf March 2002 Letter Associated with Invitation to Comment on Proposed International Standard on Auditing Fair Value Measurements and Disclosures—Used by the AICPA as the Basis for a SAS (voted and approved as a SAS in December 2002). Committee: Kay Tatum, Chair; Brian Ballou, Vice Chair; Stephen Asare, Karla Johnstone, Konrad Kubin, Larry Rittenberg, and Roger Simnett. Exposure Draft: http://www.ifac.org/Members/Source_Files/Exposure_Drafts/ED-Auditing_Fair_Values.pdf ASC Comment Letter: /audit/Pubs/Audrep/03spring/LetterOnISA_FV_Standard.pdf May 2002 Letter Associated with Standard on Consideration of Fraud in a Financial Statement Audit (SAS No. 99). Committee: Kay Tatum, Chair; Brian Ballou, Vice Chair; Stephen Asare, Karla Johnstone, Konrad Kubin, Larry Rittenberg, and Roger Simnett. Summary of Standard: http://www.aicpa.org/members/div/auditstd/riasai/sas99.asp ASC Comment Letter: /audit/Pubs/Audrep/03spring/Letter_Fraud_Standard.pdf September 2002 Letter Associated with Management Antifraud Programs and Control: Guidance to Help Prevent and Deter Fraud (prepared by the Antifraud Detection Subgroup of the Fraud Task Force of the AICPA and Later Issued as a Separate Document). Committee: Brian Ballou, Chair; Dana Hermanson, Vice Chair; Kay Tatum, past chair; Stephen Asare, Karla Johnstone, Roger Martin, and Roger Simnett. Exposure Draft: http://www.aicpa.org/antifraud/management/20.htm ASC Comment Letter: /audit/Pubs/Audrep/03spring/Letter_Fraud_Appendix.pdf |