The AICPA’s Auditing Standards Board has achieved a major milestone in its Clarity Project with the issuance of Statement on Auditing Standards (SAS) nos. 122–124. The publication includes a total of 40 finalized clarified SASs in the following statements:
- SAS no. 122, Statements on Auditing Standards: Clarification and Recodification
- SAS no. 123, Omnibus Statement on Auditing Standards 2011
- SAS no. 124, Financial Statements Prepared in Accordance With a Financial Reporting Framework Generally Accepted in Another Country
Click here to read a complete description of this publication, which supersedes all but seven outstanding SASs through no. 121, and becomes effective for audits of financial statements for periods ending on or after Dec. 15, 2012.
This publication has been codified in AICPA Professional Standards, which contains a complete codification of the Statements on Auditing Standards. Practitioners are advised to use the codified version of these SASs as they prepare to evaluate and update their audit methodologies, and prepare for changes brought about by the clarity project.
More from the JofA:
Find us on Facebook | Follow us on Twitter | View JofA videos