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AICPA Board Offers New Auditor Reporting Guidance

The American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board has released new guidance to help auditors comply with AU-C section 700, Forming an Opinion and Reporting on Financial Statements, when performing an audit under the Public Company Accounting Oversight Board’s (“PCAOB”) revised reporting standards. Issued as Interpretation No. 4, “Reporting on Audits Conducted in Accordance With Auditing Standards Generally Accepted in the United States of America and the Standards of the PCAOB,” the guidance is presented in a questions and answers format. The guidance covers standard fact patterns and includes illustrative examples and reports. Interpretation No. 4 was. Read More.

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AICPA Board Proposes Three Auditing Standards

The American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board recently issued the following exposure drafts of Proposed Statements on Auditing Standards (“SASs”): Proposed Statements on Auditing Standards, Auditor Reporting and Proposed Amendments―Addressing Disclosures in the Audit of Financial Statements:  The Exposure Draft proposes amendments converge the AICPA auditor reporting standards with standards of the International Standard on Auditing by the International Auditing and Assurance Standards Board (“IAASB”). The proposed changes address: Forming an Opinion and Reporting on Financial Statements; Communicating Key Audit Matters in the Independent Auditor’s Report; Modifications to the Opinion in the Independent Auditor’s Report; and. Read More.

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