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

Click-through nexus: Pushing the boundaries of sales tax compliance

Sales and use tax compliance has been complicated by nexus expansion. In this report, we provide an overview of this issue and include a handy state-by-state summary of click-through nexus or notification requirements.

QUIZ

News quiz: Making allowances for the kids and the economy

Recent news gives CPAs insight into Americans’ attitudes about children and money and gauges outlook on the economy. See how much you know about recent news and reports with this quiz.

CHECKLIST

Auditing risks in culture

Cultural flaws can seriously damage an organization. Here’s how internal auditors can reduce risks by embedding culture audits into existing audit programs.