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SUBJECT: AUDIT CONFIRMATIONS
PRONOUNCEMENT ANALYZED: A Proposed Statement on Auditing Standards (SAS)
EFFECTIVE DATE: See later discussion
SUMMARY AND HIGHLIGHTS
THE AUDITING STANDARDS BOARD HAS ISSUED A PROPOSED SAS CONCERNING THE USE OF EXTERNAL CONFIRMATIONS, WHICH WOULD SUPERSEDE SAS NO. 67. THE PROPOSED STANDARD IS WRITTEN IN ACCORDANCE WITH THE BOARD'S NEW CLARITY DRAFTING CONVENTIONS AND, AS IS THE CASE WITH ALL NEW AND REDRAFTED STANDARDS, WOULD PROMOTE CONVERGENCE WITH THE APPLICABLE INTERNATIONAL AUDITING STANDARD.
INTRODUCTION
The Auditing Standards Board (ASB) has issued a proposed redrafted Statement on Auditing Standards (SAS), Externad Confirmations, which would supersede SAS No. 67, The Confirmation Process (currently codified in AU Section 330). Although the new standard would not significantly alter or expand the existing requirements of SAS No. 67, certain changes have been made. As is the case with all new and redrafted standards,...