ASB Reaches Major Clarity Project Milestone

October 26, 2011

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

PROFESSIONAL DEVELOPMENT: EARLY CAREER

Making manager: The key to accelerating your career

Being promoted to manager is a key development in a young public accountant’s career. Here’s what CPAs need to learn to land that promotion.

PROFESSIONAL DEVELOPMENT: MIDDLE CAREER

Motivation and preparation can pave the path to CFO

CPAs in business and industry face intense competition to land a coveted CFO job. Learn how to best prepare yourself for the role.

PROFESSIONAL DEVELOPMENT: LATE CAREER

Second act: Consulting

CPAs are using experience to carve out late-career niches. Learn how to successfully make a late-career transition to consulting, from CPAs who have done it.