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 proposes guidance for audit reports where the audit is performed under both PCAOB and GAAS standards
ASB - 08/14/2015
The ASB has issued for public comment an exposure draft that 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.

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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 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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