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Essay / Research Paper Abstract
This 5 page paper addresses several specific topics/issues: a brief description of SAS 85 and its purpose; Statement on Auditing Standards that were superceded by 85 or that superceded 85; definition of 'subsequent events' as explained in SAS 85; definition of materiality as explained in 85 and subsequent amendments. Further, the essay provides a brief synopsis of each of 7 articles. Bibliography lists 7 sources.
Page Count:
5 pages (~225 words per page)
File: MM12_PGsas85.rtf
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Unformatted sample text from the term paper:
much as possible by addressing each question separately.] 1. Summary Statement on Auditing Standards (SAS) 85: Basically, SAS #85 clarifies and "provides new guidance for investigating the reliability of
management representation" (Gibson and Gerson, 1998). It provides a list of specific representations that are in conformity with GAAP (Gibson and Gerson, 1998). SAS #85 provides guidance regarding materiality levels
that must be included in the representation letters and it covers special situations, such as updating letters or when an auditor must disclaim an opinion or issue a qualified opinion
(Gibson and Gerson, 1998). 2. SAS statements superceded or amended by SAS #85. SAS 95 replaces SAS #19, Client Representations, with SAS #85, Management Representations (Gibson and Gerson,
1998). The new statement includes a list of management representations the auditor must obtain, including information concerning fraud, which is outlined in SAS #82 (Gibson and Gerson, 1998).
4. Synopsis of articles: * New management representation rules give some options and also aim for consistency by Kim M. Gibson and James S. Gerson. Discusses major provisions in
SAS #85, explains differences between SAS #19 and #85. Gives advice to auditors for compliance. * New audit standard for detecting fraud / Single-audit quality concerns by AICPA NEWS: Explains
the Auditing Standards Board of the American Institute of Certified Public Accountants has approved Statement on Auditing Standards (SAS) 99: Consideration of Fraud in a Financial Statement Audit, which provides
additional guidance for detecting material fraud. Describes the major components of SAS #99, which expands on management representation letters discussed in SAS #85. SAS #99 is intended to help auditors
fulfill the requirements of other standards and focuses on detecting fraud. * Evaluating Audit Differences by Thomas A. Ratcliffe and John Stephen Grice, Sr.: Describes the requirements in SAS #89,
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