AICPA auditing board approves two exposure drafts for public comment

The AICPA Auditing Standards Board issued two separate exposure drafts for public comment. The exposure drafts were approved by the ASB in separate votes during a public meeting on Feb. 13.

Proposed amendments to AT-C Section 210 on attestation review engagements

The exposure draft of Proposed Statement on Standards for Attestation Engagements, Scope Limitations in a Review Engagement features proposed revisions to AT-C Section 210, Review Engagements, in the AICPA Professional Standards. The deadline for public comment is May 30.

The proposed revisions are being exposed for public comment to be responsive to a potential practice issue related to recent regulations for sustainability reporting and the performance of review engagements over such reporting. The proposed SSAE would amend AT-C Section 210 to permit issuance of a qualified conclusion or a disclaimer of conclusion in an attestation review when a scope limitation exists. If issued as a final standard, the proposed SSAE would become effective for practitioner’s review reports dated on or after Dec. 15, 2026, with earlier application permitted.

Proposed amendments to GAAS relating to external confirmations

The exposure draft of Proposed Statement on Auditing Standards, External Confirmations proposes changes to AU-C Sections 330, Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained; 500, Audit Evidence; and 505, External Confirmations, among other sections in the AICPA Professional Standards. The deadline for public comment is June 30.

The ASB believes that the proposed amendments will enhance audit quality for audits of financial statements of nonissuers in an effective and efficient manner. If issued as a final standard, the proposed SAS would become effective for audits of financial statements for periods ending no earlier than Dec. 15, 2027, with earlier application permitted.

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.