The AICPA’s Auditing Standards Board has finalized the clarified Statement on Auditing Standards, Filings With the U.S. Securities and Exchange Commission Under the Securities Act of 1933, to supersede AU section 711, Filings Under Federal Securities Statutes, in AICPA Professional Standards.
The clarified SAS addresses the auditor’s responsibilities in connection with audited financial statements of a nonissuer included or incorporated by reference in a registration statement filed with the SEC under the Securities Act of 1933, as amended. It says that the objective of the auditor in such cases is to “perform specified procedures at or shortly before the effective date of the registration statement to sustain the burden of proof that the auditor has performed a reasonable investigation, as referred to in Section 11(b)(3)(B) of the Securities Act of 1933.”
The clarified SAS is effective for filings under the Securities Act of 1933 that include audited financial statements for periods ending on or after Dec. 15, 2012.
As part of the ASB Clarity Project, when an exposure draft of a clarified auditing standard is issued, it is made available on the “Improving the Clarity of ASB Standards” page on the AICPA’s website. When a clarified auditing standard is finalized, it is made available on the “Final Clarified Statements on Auditing Standards” page on the AICPA’s website.
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