ASB proposes amendments to clarified auditing standard on letters for underwriters

BY KEN TYSIAC

The AICPA Auditing Standards Board (ASB) proposed amendments Thursday to AU-C Section 920, Letters for Underwriters and Certain Other Requesting Parties.

AU-C Section 920 was issued as part of the ASB’s clarity project and is a redrafting of AU Section 634 of the same title. When the clarified standard was issued, the ASB did not intend to change or expand AU Section 634 in any significant respect.

The proposed amendments to AU-C Section 920 are designed to address implementation issues and avoid unintended changes to previous practice. The proposed amendments are contained in Proposed Statement on Auditing Standards, Amendment to Statement on Auditing Standards No. 122, Statements on Auditing Standards: Clarification and Recodification, Section 920, Letters for Underwriters and Certain Other Requesting Parties, as amended.

The proposal also includes additional amendments that would further clarify AU-C Section 920. Comments are due April 15 and can be submitted to Sherry Hazel at shazel@aicpa.org.

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

SPONSORED REPORT

Get your clients ready for tax season

These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.