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 issues additional interpretations to address GASB pension issues
ASB - 6/30/2014
The ASB issued two interpretations that are designed to help governmental pension plans, participating employers, and their auditors as they implement new GASB standards. The new interpretations apply to Statement on Auditing Standards No. 122, Statements on Auditing Standards: Clarification and Recodification, as amended.

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Final rules

SAS 129, Amendment to Statement on Auditing Standards No. 122 Section 920, Letters for Underwriters and Certain Other Requesting Parties, as Amended
ASB - 07/28/2014
SAS No. 129, Letters for Underwriters and Certain Other Requesting Parties, addresses the unintended changes to previous practice as a result of its Clarity project. It amends SAS 122, section 920, which addresses the auditor’s responsibilities when engaged to issue letters (commonly referred to as comfort letters) to requesting parties in connection with a nonissuer entity’s financial statements included in a registration statement or other securities offerings.

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Comment letters

PwC comments on Proposed SSAE, Subject-Matter Specific Attestation Standards: Clarification and Recodification
ASB - 06/02/2014
PwC submitted a comment letter supporting the ASB's proposed Statement on Standards for Attestation Engagements, Subject-Matter Specific Attestation Standards: Clarification and Recodification. The proposed SSAE applies the ASB's clarity drafting conventions to AT 301, Financial Forecasts and Projection; 401, Reporting on Pro Forma Financial Information; and 601, Compliance Attestation, which would be superseded. We support the proposed SSAE but identify possible improvements.

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Proposed rules

Proposed SSAE, Reporting on an Examination of Controls at a Service Organization Relevant to User Entities' Internal Control Over Financial Reporting: Clarification and Recodification
ASB - 09/18/2014
This proposed Statement on Standards for Attestation Agreements (SSAE) would revise extant AT section 801, Reporting on Controls at a Service Organization, to: (1) conform it with chapters 1-4 of an updated version of the proposed SSAE, Attestation Standards: Clarification and Recodification, and (2) address certain issues encountered in practice. [Comments on the proposal are requested by December 18, 2014.]

Proposed SAS, An Audit of Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements
ASB - 09/10/2014
The ASB is proposing that requirements from AICPA attestation standards (AT section 501) be moved into generally accepted auditing standards (GAAS) for audits of internal control over financial reporting that are integrated with audits of financial statements. As a result, other amendments have also been proposed to SAS 122, Statements on Auditing Standards: Clarification and Recodification. [Comments on the proposal are requested by December 10, 2014.]

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