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Audit Standard Issued for Exempt Securities Offerings

Earlier this week, the American Institute of Certified Public Accountants’ Auditing Standards Board published a new standard for auditor reports that supplement securities offerings not registered with the Securities and Exchange Commission. The new standard, Statement on Auditing Standards No. 133, Auditor Involvement With Exempt Offering Documents, will be effective for audit reports used with offerings sold on or after June 15, 2018. Municipal bonds, securities issued by nonprofits or religious organizations, crowdfunded offerings, securities issued in accordance with Regulation A, and franchise offerings qualify as securities offerings.

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Final Standard for Securities Offerings Documents Approved

Last month, the American Institute of Certified Public Accountants’ Auditing Standards Board unanimously approved a final standard concerning an auditor’s responsibility regarding securities offerings documents not registered with the Securities and Exchange Commission (“SEC”). The final standard will likely be issued as Statement on Auditing Standards No. 133: Auditor Involvement With Exempt Offering Documents. It would impact securities that are not required to follow the SEC’s registration requirements and rules under the Securities Act of 1933. In addition, the standard will affect franchise offerings controlled by the Federal Trade Commission or appropriate state franchise laws. The standard could become effective. Read More.

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