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Auditing Standards Board Outlines Discussions for Upcoming Meeting

Continuing efforts to reformat attestation standards based on the American Institute of Certified Public Accountants’ (“AICPA”) clarity conventions, the AICPA Auditing Standards Board (“the Board”) plans to review comment letters received on the standards’ first four chapters drafts at its upcoming meeting. Scheduled for October 20th-22nd in New York City, the Board will cover Proposed Statement on Standards for Attestation Engagements (SSAE) – Attestation Standards: Clarification and Recodification, which establishes clarified standards objectives and definitions for each standard. Reformatting the standards is part of the AICPA’s Clarity Project that helps make them better to understand and be applied.

Along with reviewing feedback on the attestation proposals, the Board will discuss an amendment to its going concern standard. The proposed amendment is in response to the Financial Accounting Standards Board recently adopting Accounting Standards Update No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The Board will also consider its response to the International Auditing and Assurance Standards Board’s recent proposal for disclosing more relevant information on audit reports, Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing (ISAs).

If you anticipate needing implementation assistance with these standards or any other auditing and attestation matters, Cherry Bekaert is here to be your guide forward.

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