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 WHITE PAPER

Preparing the statement of cash flows

This instructive white paper outlines common pitfalls in the preparation of the statement of cash flows, resources to minimize these risks, and four critical skills your staff will need as you approach necessary changes to the process.

RESOURCES

Keeping you informed and prepared amid the COVID-19 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.