ASB exposes additional clarified standards as part of attestation clarity project

BY KEN TYSIAC

Changes proposed Tuesday by the AICPA Auditing Standards Board (ASB) would restructure the content of several important attestation standards.

The ASB has issued a second exposure draft as a result of the attestation clarity project. The exposure draft contains three proposed clarified subject-matter-specific standards.

Proposed Statement on Standards for Attestation Engagements (SSAE), Subject-Matter Specific Attestation Standards: Clarification and Recodification, builds on the general attestation standards proposed in the first exposure draft, Proposed SSAE, Attestation Standards: Clarification and Recodification.

The new proposal also restructures and would supersede the content in:

  • AT Section 301, Financial Forecasts and Projections;
  • AT Section 401, Reporting on Pro Forma Financial Information; and
  • AT Section 601, Compliance Attestation.


The proposal also asks readers to consider whether the revised structure helps them understand and implement the standards.

Comments on the proposal are due May 27 and can be submitted to Sharon Macey at smacey@aicpa.org.

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

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.