ASB Issues Proposed Standard on Subsequent Events


The Auditing Standards Board has issued Proposed Statement on Auditing Standards, Subsequent Events and Subsequently Discovered Facts. The proposal would supersede AU sections 530, Dating of the Independent Auditor’s Report, 560, Subsequent Events, 561, Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report, and paragraphs .71–.73 of AU section 508, Reports on Audited Financial Statements.

 

The proposed SAS represents the redrafting of the superseded SASs to apply the ASB’s clarity drafting conventions and to converge with International Standard on Auditing (ISA) 560, Subsequent Events. Comments are due July 15.

SPONSORED REPORT

Taking stock of artificial intelligence

Artificial intelligence is either the greatest thing to ever happen to human work or the dread of our existence. This independently written report explores how AI will reshape the workplace and how analytically minded individuals can stand out.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.