ASB Seeks Comments on Exposure Drafts


The AICPA Auditing Standards Board issued two exposure drafts resulting from its clarity project:

 

  • Proposed Statement on Auditing Standards (SAS), Quality Control for an Audit of Financial Statements. The proposed SAS specifies quality control procedures at the engagement level that assist the auditor in achieving the objectives of the quality control standards. Because these procedures are required to be established by QC section 10, A Firm’s System of Quality Control, the proposed SAS is not expected to result in a change to existing practice. It supersedes AU section 161, The Relationship of Generally Accepted Auditing Standards to Quality Control Standards, which contains no requirements.
  • Proposed Statement on Quality Control Standards (SQCS), A Firm’s System of Quality Control (Redrafted). The proposed SQCS does not change or expand QC section 10 in any significant respect, according to the ASB. It supersedes QC section 10, A Firm’s System of Quality Control.

 

The comment period for each ED ends Aug. 31.

 

SPONSORED REPORT

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.