Auditing Standards Board (ASB)


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 guidance on third-party due diligence services related to asset-backed securitizations
ASB - 02/26/2015
The AICPA's Auditing Standards Board (ASB) published Interpretation No. 1 to AT section 201, Agreed-Upon Procedures Engagements, to provide guidance for third-party due-diligence services performed as agreed-upon procedures (AUP) engagements related to asset-backed securitizations, as defined in SEC Release No. 34-72936, Nationally Recognized Statistical Rating Organizations.

ASB issues new auditing interpretations to address going concern
ASB - 01/23/2015
The ASB issued four audit interpretations to address some of the effects of FASB and GASB accounting standards on going concern. The new auditing interpretations to Statement on Auditing Standards No. 126, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern (Redrafted), are the result of a short-term initiative by the ASB to address some of the effects of the FASB's Accounting Standards Update (ASU) No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern, and GASB Statement No. 56, Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards, which incorporates going-concern responsibilities for state and local government preparers.

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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 ASB's proposed SSAE on controls at service organizations
ASB - 12/23/2014
PwC supports clarifying and recodifying the existing standard as a subject-matter specific chapter.

PwC comments on the ASB's proposed integrated audit SAS
ASB - 12/11/2014
PwC supports moving integrated audit guidance for nonpublic companies from the attestation standards into GAAS.

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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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