Omnibus Statement on Auditing Standards -- 2002 -- SAS No. 98

Periodically, the Auditing Standards Board (ASB) issues an Omnibus Statement in part because the significance of the issue, in addition the cost benefit considerations do not warrant the issuance of separate standards. SAS No. 98 amends the following:

• SAS No. 95, Generally Accepted Auditing Standards, AICPA, Professional Standards, vol. 1, AU sec. 150.05;
• SAS No. 25, The Relationship of Generally Accepted Auditing Standards to Quality Control Standards, AICPA, Professional Standards, vol. 1, AU sec. 161.02 and .03;
• SAS No. 47, Audit Risk and Materiality in Conducting an Audit, AICPA, Professional Standards, vol. 1, AU sec. 312.34–.41;
• SAS No. 70, Service Organizations, AICPA, Professional Standards, vol. 1, AU sec. 324, and rescinds Interpretation No. 6, “Responsibilities of Service Organizations and Service Auditors With Respect to Subsequent Events in a Service Auditor’s Engagement,” of SAS No. 70;
• SAS No. 58, Reports on Audited Financial Statements, AICPA, Professional Standards, vol. 1, AU sec. 508.65;
• SAS No. 8, Other Information in Documents Containing Audited Financial Statements, AICPA, Professional Standards, vol. 1, AU sec. 550.07,
• SAS No. 52, Required Supplementary Information, AICPA, Professional Standards, vol. 1, AU sec. 558.08 and .10;
• SAS No. 52, Required Supplementary Information, AICPA, Professional Standards, vol. 1, AU sec. 558.02;
• SAS No. 29, Reporting on Information Accompanying the Basic Financial Statements in Auditor-Submitted Documents, AICPA, Professional Standards, vol. 1, AU sec. 551.12 and .15;
• SAS No. 1, Codification of Auditing Standards and Procedures, AICPA, Professional Standards, vol. 1, AU sec. 561.03, "Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report";
• SAS No. 1, Codification of Auditing Standards and Procedures, AICPA, Professional Standards, vol. 1, AU sec. 560.01, "Subsequent Events"; and amendment to SAS No. 1, Codification of Auditing Standards and Procedures, AICPA, Professional Standards, vol. 1, AU sec. 530.03–.05, “Dating of the Independent Auditor’s Report.”