Auditing Standards Board (ASB)

Website: www.aicpa.org

The Auditing Standards Board (ASB) is the AICPA’s senior committee for auditing, attestation, and quality control applicable to the performance and issuance of audit and attestation reports for nonissuers. The ASB promulgates Statements on Auditing Standards (SAS), Statements on Standards for Attestation Engagements (SSAE) and Statements on Quality Control Standards (SQCS), and, as a part of its due process, releases Exposure Drafts of proposed standards.

Recent Developments – Past 90 days


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ASB completes 'Attest Clarity Project'
ASB - 02/01/2016 
The ASB announced the completion of its project to clarify Statements on Standards for Attestation Engagements (SSAEs) (also known as the attestation standards). The ASB expects to issue the clarified attestation standards in SSAE 18, Attestation Standards: Clarification and Recodification, in April 2016 to be effective for practitioners' reports dated on or after May 1, 2017.

ASB issues final guidance for audit reports where the audit is performed under PCAOB and GAAS standards
ASB - 01/21/2016
The ASB issued Statement on Auditing Standards (SAS) No. 131, Amendment to Statement on Auditing Standards No. 122 Section 700, Forming an Opinion and Reporting on Financial Statements, which clarifies the format of the auditor’s report that should be issued when the auditor conducts an audit in accordance with the standards of the PCAOB, but the audit is not under the jurisdiction of the PCAOB. SAS 131 provides that in these circumstances, the auditor must (a) comply with generally accepted auditing standards (GAAS), and (b) use the form of reporting specified by the PCAOB auditing standards, amended to indicate that the audit was also conducted in accordance with GAAS. The amendments also specify when an audit is under the jurisdiction of the PCAOB and when it is not.

ASB issues new auditing interpretation on US government sustainability financial statements
ASB - 10/27/2015
The ASB has issued a new auditing interpretation to provide guidance on auditor reporting on sustainability financial statements prepared under Federal Accounting Standards. The guidance states that an auditor may report on the basic financial statements of the US government, which include the statements of social insurance, changes in social insurance amounts, and long-term fiscal projections, under Generally Accepted Auditing Standards (GAAS).

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Final rules

SAS 131, Amendment to Statement on Auditing Standards No. 122 Section 700, Forming an Opinion and Reporting on Financial Statements
ASB - 01/21/2016
SAS 131 clarifies the format of the auditor’s report that should be issued when the auditor conducts an audit in accordance with the standards of the PCAOB, but the audit is not under the jurisdiction of the PCAOB. SAS 131 provides that in these circumstances, the auditor must (a) comply with GAAS, and (b) use the form of reporting specified by the PCAOB auditing standards, amended to indicate that the audit was also conducted in accordance with GAAS. The amendments also specify when an audit is under the jurisdiction of the PCAOB and when it is not. The amendments in SAS 131 are effective for audits of financial statements for periods ending on or after June 15, 2016. Earlier application is permitted.

SAS 130, An Auditor of Internal Control Over Financial Reporting That Is Integrated with an Audit of Financial Statements
ASB - 10/27/2015
SAS 130 has been issued in conjunction with the ASB’s Attestation Clarity Project in which it was decided that, because engagements performed under AT section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements, are required to be integrated with an audit of financial statements, the contents of AT section 501 should be moved from the attestation standards into generally accepted auditing standards (GAAS). SAS 130 is effective for integrated audits for periods ending on or after December 15, 2016.

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Comment letters

PwC comments on the AICPA's proposed amendment to AU-C 700
ASB - 09/30/2015
PwC supports the amendment which would require the PCAOB’s report layout and wording when the auditor plans to refer to the standards of the PCAOB in addition to generally accepted auditing standards. We recommend the phrase “of the financial statements” be deleted in certain places to clarify the guidance would also apply to an integrated audit.

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Proposed rules

Proposed SAS, Amendment to SAS 122, Section 700, Forming an Opinion and Reporting on Financial Statements
ASB - 08/14/2015
This proposal provides requirements and guidance for reporting on an audit conducted in accordance with both generally accepted auditing standards (GAAS) and PCAOB standards. The proposed Statement on Auditing Standard (SAS) would be effective for audits of financial statements for periods ending on or after December 15, 2015. [Comments on the proposal are requested by September 30, 2015.]

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