New Proposed Audit Data Standard Offers Efficiency, Uniformity
The American Institute of Certified Public Accountants (“AICPA”) has proposed new standards for collecting and submitting audit data. The goal is to make audits more efficient and more effective by proposing standardized formats for commonly requested audit data and for the most frequently used files for audits.
The Emerging Assurance Technology Task Force arm of the AICPA’s Assurance Services Executive Committee (“ASEC”) published an exposure draft of their recommendations on August 8, 2017. The draft, titled Audit Data Standard – Fixed Asset Subledger Standard (“Exposure Draft”), is open to comments through November 6, 2017. Should the proposed information and standards in the Exposure Draft become final, the ASEC expects the new standards to be used in conjunction with the Audit Data Standard – Base Standard.
The audit data standards are voluntary. There are plans to publish additional standards in subledgers that will be more specific to different industry sectors and business processes in the future.
You can read the full Exposure Draft at AICPA’s website.