Statement on auditing standards, 052

              Statement on
Auditing Standards
Issued by the Auditing Standards Board
AICPA American Institute of
Certified Public Accountants
April 1988
52
Omnibus Statement on Auditing
Standards— 1987
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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