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 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

ASB issues new clarified auditing standard on internal audit
ASB - 02/24/2014
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.

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Comment letters

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 (the proposed SAS). 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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