Audit Standard Issued for Exempt Securities Offerings
Earlier this week, the American Institute of Certified Public Accountants’ Auditing Standards Board published a new standard for auditor reports that supplement securities offerings not registered with the Securities and Exchange Commission. The new standard, Statement on Auditing Standards No. 133, Auditor Involvement With Exempt Offering Documents, will be effective for audit reports used with offerings sold on or after June 15, 2018. Municipal bonds, securities issued by nonprofits or religious organizations, crowdfunded offerings, securities issued in accordance with Regulation A, and franchise offerings qualify as securities offerings.
Topics: AICPA, AICPA Auditing Standards Board, American Institute of Certified Public Accountants "AICPA", Audit Standard, Nonprofits, Securities and Exchange Commission "SEC", Securities Offerings, Statement on Auditing Standards "SAS"