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

Why cybercriminals are targeting CPAs

This free report expands on the most commonly found scams, why education and specialized IT knowledge help to lessen security vulnerabilities, and why every firm should plan carefully for how it would respond to a breach.

PODCAST

How tax reform — and Excel — are changing the CPA Exam

Mike Decker, the vice president of examinations at the AICPA, discusses changes being made to the exam as a result of tax reform — and about how Excel will now be available for use on the test.