ASB proposes performance requirements when auditors are involved with exempt offering documents

By Ken Tysiac

The AICPA Auditing Standards Board issued an exposure draft Tuesday that proposes specific performance requirements when an auditor is involved with an offering of securities that are exempt from registration under the Securities Act of 1933, as amended, or a franchise offering regulated by the Federal Trade Commission.

Exempt offerings include, but are not limited to, private placement offerings, exempt public offerings, municipal securities offerings, and franchise offerings.

The proposal, Proposed Statement on Auditing Standards, Auditor Involvement With Exempt Offering Documents, would take effect for offering documents with which the auditor is involved that are initially distributed, circulated, or submitted on or after June 15, 2018.

Comments can be made by Oct. 13 to Sherry Hazel at shazel@aicpa.org.

Ken Tysiac (ktysiac@aicpa.org) is a JofA editorial director.

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

QUIZ

News quiz: Senate health care bill in the spotlight

Reports related to the Republican bill to repeal many provisions of the PPACA, other tax issues, and the giant AICPA ENGAGE Conference offered a diverse reading list for June. See how much you know about recent news with this short quiz.