The American Institute of CPAs' Auditing Standards Board has issued Exposure Draft Proposed Statement on Auditing Standards, Amendment to SAS No. 122 section 700, Forming an Opinion and Reporting on Financial Statements (AICPA, Professional Standards, AU-C sec. 700). The proposed amendments will provide requirements and guidance for reporting on an audit conducted in accordance with both generally accepted auditing standards (GAAS) and standards of the Public Company Accounting Oversight Board.