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New Proposed Audit Data Standard Offers Efficiency, Uniformity

The American Institute of Certified Public Accountants (“AICPA”) has proposed new standards for collecting and submitting audit data. The goal is to make audits more efficient and more effective by proposing standardized formats for commonly requested audit data and for the most frequently used files for audits. The Emerging Assurance Technology Task Force arm of the AICPA’s Assurance Services Executive Committee (“ASEC”) published an exposure draft of their recommendations on August 8, 2017. The draft, titled Audit Data Standard – Fixed Asset Subledger Standard (“Exposure Draft”), is open to comments through November 6, 2017. Should the proposed information and standards in. Read More.

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