ASB exposes additional clarified standards as part of attestation clarity project

BY KEN TYSIAC

Changes proposed Tuesday by the AICPA Auditing Standards Board (ASB) would restructure the content of several important attestation standards.

The ASB has issued a second exposure draft as a result of the attestation clarity project. The exposure draft contains three proposed clarified subject-matter-specific standards.

Proposed Statement on Standards for Attestation Engagements (SSAE), Subject-Matter Specific Attestation Standards: Clarification and Recodification, builds on the general attestation standards proposed in the first exposure draft, Proposed SSAE, Attestation Standards: Clarification and Recodification.

The new proposal also restructures and would supersede the content in:

  • AT Section 301, Financial Forecasts and Projections;
  • AT Section 401, Reporting on Pro Forma Financial Information; and
  • AT Section 601, Compliance Attestation.


The proposal also asks readers to consider whether the revised structure helps them understand and implement the standards.

Comments on the proposal are due May 27 and can be submitted to Sharon Macey at smacey@aicpa.org.

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

SPONSORED REPORT

8 accounting and auditing issues you can’t afford to ignore

Download this sponsored report for an overview of some of the most important developments accountants and auditors are facing today.

DOWNLOAD

Filing season quick guide — Tax year 2014

Tax season started Jan. 20. Download our “quick guide,” a printable card that contains dollar thresholds, tax tables, standard amounts, credits, and deductions to keep at your fingertips during tax season.

TAX NEWS

Expired tax provisions extended for 2014

President Barack Obama signed legislation that retroactively extended more than 50 expired tax provisions for 2014, allowing taxpayers to take advantage of a host of tax incentives during this filing season.