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

Keeping client information safe in an age of scams and security threats

A look at the Dirty Dozen tax scams and ways to protect taxpayer information.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: IRS enforcement, a hot job, and audit value

The IRS’s 2016 Data Book, a “hot job” of particular interest at this time of year, and insight into how executive and audit committees view the insights from financial statement audits received attention recently. See how much you know with this short quiz.