Auditing Standards Board Issues Standards for Public Comment
During its three-day meeting in Montreal, Quebec, Canada, last month, the American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board (“ASB”) moved forward on issuing proposed clarified attestation standards Chapter 8, “Reporting on Controls at a Service Organization,” and Statement on Auditing Standards (SAS), An Audit of Internal Control Over Financial Reporting That is Integrated With an Audit of Financial Statements, for public comment. If both become final, then Chapter 8 would replace the current AT Section 801, “Reporting on Controls at a Service Organization”, and the proposed SAS would supersede AT Section 501, “An Examination of an Entity’s. Read More.
Topics: American Institute of Certified Public Accountants "AICPA", Attestation, Audit, Auditing Standards Board "ASB", Federal Deposit Insurance Corporation Improvement Act, Financial Statements, Quality Control Standards Task Force, Service Organization Control
AICPA Updates the Trust Services Principles and Criteria Related to SOC 2 & 3 Audits
In February, the American Institute of Certified Public Accountants’ (“AICPA”) released an updated edition of its Trust Services Principles and Criteria (“TSP”) 2014. The TSP’s criteria is utilized by CPA firms in performing Service Organization Control (“SOC 2” or “SOC 3”) audit engagements that report on the system controls relevant to security, availability, processing integrity, confidentiality and/or privacy. The revised Trust Principles are effective for reporting periods ending or after December 15, 2014, but the AICPA is permitting early adoption. The revisions are intended to improve clarity, eliminate redundancy, and update criteria based upon changes in technology and business environments.. Read More.