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ASB addresses exempt securities

Requirements are proposed for when an auditor is involved with an exempt securities offering.

Please note: This item is from our archives and was published in 2016. It is provided for historical reference. The content may be out of date and links may no longer function.

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The AICPA Auditing Standards Board issued an exposure draft 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.