The ASB issues Statement on Auditing Standards no. 100, Interim
Financial Information,
replacing SAS no. 71, with the same title. The new standard provides
additional guidance on performing reviews of interim financial
information and incorporates the SEC’s requirement for timely filing of
interim data. It also includes recommendations from the Public Oversight
Board’s Panel on Audit Effectiveness and from the AICPA professional
issues task force’s Practice Alert 2000-4, Quarterly Review
Procedures for Public Companies.
Copies of the SAS (product no. 060702) can be ordered from the AICPA at
888-777-7077.
The accounting and review services committee issues
Statement on Standards for Accounting and Review Services no. 9,
Omnibus—2002, which includes revisions to previously issued
statements. The new release amends SSARS no. 1, Compilation and
Review of Financial Statements, in several respects; provides
guidance related to SSARS no. 4, Communications Between
Predecessor and Successor Accountants; and clarifies the
relationship between the effectiveness of quality control systems and
the performance of an engagement according to applicable professional
standards. Copies of the statement can be ordered from the AICPA at
888-777-7077.
