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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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AICPA Auditing Standards Board to Meet in Florida

Starting Monday, the American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board will hold a four-day meeting in Fort Lauderdale, Florida. Cherry Bekaert’s Melisa Galasso will attend a portion of the meeting as a member of the AICPA’s Technical Issues Committee. According to the meeting agenda , the Auditing Standards Board is expected to vote on proposed AU-C section 570, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern. In addition, the board is expected to approve an exposure draft of proposed Statements on Auditing Standards No. 13x, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans. Read More.

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IAASB Supports PCAOB’s Re-Proposed Auditing Standard

In a statement issued on May 23, the International Auditing and Assurance Standards Board (“IAASB”) announced its support of the Public Company Accounting Oversight Board’s (“PCAOB”) proposed auditing standard , The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion. This is the second time the audit regulator has issued the proposal, which would require auditors performing audits under the PCAOB’s standards to disclose in the auditor’s report details regarding critical audit matters. Read the IAASB’s statement in support of the PCAOB’s re-proposal on the International Federation of Accountants website.

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IAASB Publishes Invitation to Comment and Companion Documents

Available for download is the International Auditing and Assurance Standards Board’s (“IAASB”) new publication, Invitation to Comment, Enhancing Audit Quality in the Public Interest: A Focus on Professional Skepticism, Quality Control and Group Audits (Invitation to Comment). The Invitation to Comment document discusses the IAASB’s 2015-2016 Work Plan and covers the topics of professional skepticism, quality control, and group audits. The aforementioned areas are expected to guide the IAASB’s efforts in the coming years. Also issued by the IAASB is a companion document, Overview of the ITC  (Overview). The Overview summarizes the three key topics and discusses the IAASB’s potential approach in developing future standards. Specifically, the Overview seeks stakeholder feedback on how to improve collaboration with others. Comments are due Monday, May. Read More.

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Proposed Financial Statement Disclosure Changes Open for Public Comment

Featuring revisions to the International Standards on Auditing (“ISAs”), Proposed Changes to the International Standards on Auditing (ISAs): Addressing Disclosures in the Audit of Financial Statements has been issued for public comment by the International Auditing and Assurance Standards Board (“IAASB”). The updates explain what auditors should expect when reviewing financial statement disclosures. The proposed changes include: Clarifying the disclosures susceptible to audit such as financial statement disclosures; Guidance on disclosures in the early stages of audit; Guidance on identifying, evaluating and responding to risks of disclosures’ material misstatements; and Explaining an auditor’s expectations when reviewing misstatements and creating an. Read More.

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