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.

ASB issues new clarified auditing standard on internal audit
ASB - 2/24/2014
The ASB has published Statement on Auditing Standards (SAS) No. 128, Using the Work of Internal Auditors. The standard is prepared as part of the ASB's effort to apply its clarity drafting conventions and to converge the SASs with International Standards on Auditing (ISAs). SAS No. 128 addresses the external auditor’s responsibilities if using the work of internal auditors. This includes (a) using the work of the internal audit function in obtaining audit evidence, and (b) using internal auditors to provide direct assistance under the direction, supervision, and review of the external auditor. SAS No. 128 is effective for audits of financial statements for periods ending on or after December 15, 2014.

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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.

SAS 128, Using the Work of Internal Auditors
ASB - 02/24/2014
SAS No. 128, Using the Work of Internal Auditors, addresses the external auditor’s responsibilities if using the work of internal auditors. This includes (a) using the work of the internal audit function in obtaining audit evidence, and (b) using internal auditors to provide direct assistance under the direction, supervision, and review of the external auditor.

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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.

PwC comments on proposed amendments to ASB's comfort letter standard
ASB - 04/14/2014
PwC submitted a comment letter supporting the Auditing Standards Board's (ASB) proposed Statement on Auditing Standards to amend AU-C section 920, Letters for Underwriters and Certain Other Requesting Parties, As Amended.  We support the objectives of the proposed SAS to avoid unintended changes to previous practice and to enhance the clarity of the guidance.

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Proposed rules

Proposed Statements on Standards for Attestation Engagements, Subject-Matter Specific Attestation Standards: Clarification and Recodification
ASB - 01/28/2014
The AICPA Auditing Standards Board issued the second exposure draft of clarified attestation standards resulting from its clarity project. The proposal would restructure the content of three subject-matter-specific standards.

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