Evaluating audit differences

In December 1999, the Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) 89, Audit Adjustments. Applicable to all financial statement audits, SAS 89 modifies the auditing technical literature which specifies the items that should be addressed in engagement letters, included...

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Bibliographic Details
Published in:The CPA journal (1975) 2002-01, Vol.72 (1), p.28
Main Authors: Ratcliffe, Thomas A, Grice, John Stephen
Format: Article
Language:English
Subjects:
Accounting policies
Audit committees
Audit risk
Auditing standards
Current liabilities
Estimates
Financial statements
Loans
Materiality
SAS 89
Statements on auditing standards
Trends
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Summary:In December 1999, the Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) 89, Audit Adjustments. Applicable to all financial statement audits, SAS 89 modifies the auditing technical literature which specifies the items that should be addressed in engagement letters, included in management representation letters, or communicated to audit committees. The ASB's Audit Issues Task Force has issued a series of interpretations associated with risk and materiality. They clarify the guidance for determining when financial statement misstatements detected in an audit should result in audit adjustments.
ISSN:0732-8435