Auditing Standards Board issues two new standards.

• Position: Accounting & auditing news

The AICPA's Auditing Standards Board has issued Statement on Auditing Standards No. 113, Omnibus 2006 (No. 060708CPA01), and Statement on Standards for Attestation Engagements No. 14, SSAE Hierarchy (No. 023033CPA01).

SAS No. 113 amends various other SASs. Of note, SAS No. 113:

* Revises the terminology used in the 10 standards in SAS No. 95, Generally Accepted Auditing Standards, to reflect the terminology used in SAS No. 102, Defining Professional Requirements in Statements on Auditing Standards.

* Adds a footnote to the headings prior to paragraphs 35 and 46 in SAS No. 99, Consideration of Fraud in a Financial Statement Audit, to provide a clear link between the auditor's consideration of fraud and the auditor's assessment of risk and the auditor's procedures in response to those assessed risks.

* Replaces, throughout the SASs, the term "completion of fieldwork" with the term "date of the auditor's report."

* Changes the convention for dating the representation letter by requiring that it be dated as of the date of the...