CPA Government & Nonprofit Report articles from May 2002

CPA Government & Nonprofit Report archives from May 2002

AICPA issues SAS 96 on Audit Documentation.
May 1, 2002... In late January 2002, the AICPA issued SAS 96 "Audit Documentation" that supersedes SAS 41 "Working Papers" and amends SAS 47, SAS 56, and SAS 59. Although the SAS is titled Audit Documentation, a footnote makes it clear that the term working...

Editor's note.(Brief Article)
May 1, 2002... This month I introduce you to SAS 96 on Audit Documentation. One of the key areas of change is the analytical review section. Auditors are now formally required to document judgment decisions directly in the work papers. Too often they were...

New Exposure Draft to supersede SAS 82 on fraud.
May 1, 2002... During the Enron hearings the AICPA promised Congress that a new statement dealing with fraud would be issued. The new Exposure Draft (ED) is much stronger in tone and more comprehensive than the old SAS 82. When adopted, it will be effective...

AICPA responds to new GAO independence standard.(Brief Article)
May 1, 2002... On February 8, the AICPA sent a letter to all managing partners of CPA firms performing engagements under the GAO Yellow Book standards, as well as other individuals. The focus of this letter was to provide some degree of comfort to audit...

Your government entity has a collateral agreement with the bank, doesn't it?
May 1, 2002... A lot of local governments are still not aware that they must have a collateral agreement with their bank. Simply having sufficient collateral is not enough. Without a collateral agreement, the government's position is that of a general...