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Proposal would align AU-C 800 series with SAS No. 134

The change is meant to enhance auditor reporting.

Please note: This item is from our archives and was published in 2019. It is provided for historical reference. The content may be out of date and links may no longer function.

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A proposal issued by the AICPA Auditing Standards Board (ASB) is designed to align three sections of the clarified auditing standards with the new auditor reporting standard the board issued earlier this year.

In May, the ASB issued Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements. The standard is designed to enhance the communicative value of auditors’ reports on the financial statements of nonissuers by updating the form and content of the reports.

More recently, the ASB issued Proposed SAS, Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes From SAS No. 134. The proposal is designed to align the following AU-C sections with the changes in auditor reporting introduced by SAS No. 134 and other recently issued standards:

  • AU-C Section 800, Special Considerations — Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks;
  • AU-C Section 805, Special Considerations — Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement; and
  • AU-C Section 810, Engagements to Report on Summary Financial Statements.

Comments on the proposal were due to Sharon Macey at Sharon.Macey@aicpa-cima.com by Oct. 28.