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 corrects clarified auditing standard AU-C 920
ASB - 3/15/2013
The ASB has made a correction to an auditing section in the AICPA Professional Standards to reinforce the board's intentions not to change practice and to avoid unintended consequences. The auditing (AU) sections were redrafted as part of the clarity project to reflect the ASB’s established clarity drafting conventions, and are designed to make the clarified standards easier to read, understand, and apply.

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Final rules

ASB issues new clarified auditing standard on internal audit
ASB - 02/28/2014
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 the ASB's attestation clarification and recodification proposal
ASB - 11/4/2013
PwC supports the enhanced guidance in the clarity redraft, but identifies possible improvements.

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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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