ASB proposes moving content of AT Section 501 into GAAS

The AICPA Auditing Standards Board (ASB) is proposing moving a section of its attestation standards into generally accepted auditing standards (GAAS).

Engagements performed under existing AT Section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements, as well as related attestation Interpretation No. 1, “Reporting Under Section 112 of the Federal Deposit Insurance Corporation Improvement Act,” are always integrated with an audit of financial statements.

Because of this, the ASB has concluded that it would be appropriate to move the content of existing AT Section 501 into GAAS. To seek feedback on this possible change, the ASB has released for comment Proposed Statement on Auditing Standards (SAS), An Audit of Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements.

The proposed SAS also would amend various sections in SAS No. 122, Statements on Auditing Standards: Clarification and Recodification. Existing AT Section 501 will be withdrawn when the proposed SAS is issued as a final SAS. Read about the most significant changes to existing AT Section 501 in the explanatory memorandum of the proposed SAS. Comments are due Dec. 10 and can be submitted to Sherry Hazel at


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