PwC submitted a comment letter on the ASB’s Proposed Statement on Auditing Standards (SAS) on auditor involvement with exempt offering documents. We believe the Proposed SAS will help to clarify what actions constitute involvement with an exempt offering and the auditor requirements with respect to such offerings. In particular, we agree with the activities the ASB has identified that trigger involvement. We also support the procedures required when the auditor is deemed involved with an exempt offering document, which focus on reading the exempt offering document and considering and responding to subsequent events. In our letter, we offer some suggestions where we believe clarifications would improve the Proposed SAS.
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