Issued by the Auditing Standards Board
AICPA American Institute of
Certified Public Accountants
Omnibus Statement on Auditing
The Meaning of " Present Fairly in Conformity With
Generally Accepted Accounting Principles" in the
Independent Auditor's Report
( Supersedes Statement on Auditing Standards No. 5, AICPA, Professional
Standards, vol. l, AU sec. 411.05- 411.08.)*
1. This amendment replaces paragraphs 5 through 8 with n ew paragraphs
5 through 8 and recognizes the following as part of t h e sources
of established accounting principles: ( a) within category [ a], statements
and interpretations issued by t h e G A S B for financial statements
of s t a t e and local governmental e n t i t i e s ; ( b) within category [ b], technical
bulletins issued by the GASB; and ( c) within category [ d], AcSEC
practice bulletins and minutes of the FASB Emerging Issues Task
F o r c e .
* This Statement also withdraws the auditing interpretation dated December 1984
titled " The Auditor's Consideration of Accounting Principles Promulgated by the
Governmental Accounting Standards Board" ( AICPA, Professional Standards, vol.
1, AU sec. 9411).
Copyright © 1988 by the
American Institute of Certified Public Accountants, Inc.
1211 Avenue of the Americas, New York, N. Y. 10036- 8775
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