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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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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.