Auditing Standards Board Withdraws Statement on Auditing Standards No. 69
Due to pronouncements by the FASB, GASB and FASAB that move their respective GAAP hierarchy into their own authoritative literature, the ASB has withdrawn SAS No. 69 and its Interpretation.
The hierarchies of generally accepted accounting principles (GAAP hierarchies) of nongovernmental, state and local, and federal reporting entities have resided in SAS No. 69, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles, in the auditing literature. The Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), and the Federal Accounting Standards Advisory Board (FASAB) have issued the following pronouncements that incorporate their respective GAAP hierarchy into their respective authoritative literature:
Therefore, the ASB has withdrawn SAS No. 69, effective September 2009. The related interpretation, “The Auditor’s Consideration of Management’s Adoption of Accounting Principles for New Transactions or Events,” has also been deleted.