ASB Seeking Feedback on U.S. Auditor Reporting


The AICPA Auditing Standards Board (ASB) is requesting input from members and other stakeholders to help form its comments on the consultation paper , Enhancing the Value of Auditor Reporting: Exploring Options for Change (Consultation Paper) , issued by the International Auditing and Assurance Standards Board .

 

The IAASB paper is aimed at gathering views from around the world on whether there is consensus about the need to enhance auditor reporting and, if so, how an enhanced reporting model might be achieved. It describes issues with current financial reporting, including a perceived “information gap” identified by some stakeholders. The paper also sets out possible options for change and seeks input in as to whether such options might be effective in narrowing the “information gap” or enhancing the communicative value of the auditor’s report.

 

The feedback will help the ASB better provide views to the IAASB that are specific to the U.S. and to help shape the direction of the ASB as it decides how to move forward with possible options for changes to the auditor’s report and to continue to meet its objective of harmonization with the International Standards on Auditing.

 

To read the ASB’s letter requesting member input, click here. Written comments on the paper should be sent to the AICPA by Aug.16.

 

The PCAOB in June issued a concept release on possible changes to the auditor’s reporting model including the addition of an auditor’s discussion and analysis (AD&A), mandatory emphasis paragraphs, assurance on non-GAAP information and clarification of standard language. Click here for JofA coverage.

 

More from the JofA:

 

 Find us on Facebook  |   Follow us on Twitter  |   View JofA videos

SPONSORED REPORT

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

QUIZ

8 sentences to help you master subject-verb agreement

When professionals prepare written material for readers inside their organization or outside, they should make sure that no errors distract from the message they need to convey. Take this short quiz for practice in subject-verb agreement.