Exposure Drafts, Comment Letters, and Statements of Position
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Description
The Auditing Standards Board (ASB) is issuing this proposed statement on auditing standards (SAS) and statement on standards for attestation engagements (SSAE) to provide auditors1 with improved guidance on performing an audit of an entity's financial statements and performing attestation services. This proposed Statement would amend various sections of the SASs and the SSAEs. Among its more significant provisions are amendments that would: 1. Clarify the requirement to prepare a written audit program for every audit. 2. Preclude the auditor from using conditional language in a going-concern explanatory paragraph. 3. Preclude an AICPA accounting or audit guide or auditing interpretation from allowing additional distribution of statutory financial statements under an other comprehensive basis of accounting. 4. Provide working paper documentation requirements for attestation engagements. This proposed Statement would amend: 1. SAS No. 22, Planning and Supervision (AICPA, Professional Standards, vol. 1, AU sec. 311.05). 2. SAS No. 59, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern (AICPA, Professional Standards, vol. 1, AU sec. 341.13). 3. SAS No. 1, Codification of Statements on Auditing Standards (AICPA, Professional Standards, vol. 1, AU sec. 544, "Lack of Conformity With Generally Accepted Accounting Principles," paragraphs .02 and .04), and SAS No. 62, Special Reports (AICPA, Professional Standards, vol. 1, AU sec. 623.05). 4. SSAE No. 1, Attestation Standards (AICPA, Professional Standards, vol. 1, AT sec. 100, "Attestation Standards").
Publication Date
1995
Relational Format
Book
Keywords
Attest function (Auditing) -- Standards -- United States; Auditing -- Standards -- United States
Disciplines
Accounting | Taxation
Recommended Citation
American Institute of Certified Public Accountants. Auditing Standards Board, "Proposed statement on auditing standards and statement on standards for attestation engagements : omnibus statement on auditing standards and statement on standards for attestation engagements, 1995;Omnibus statement on auditing standards and statement on standards for attestation engagements, 1995; Exposure draft (American Institute of Certified Public Accountants), 1995, Feb. 23" (1995). Exposure Drafts, Comment Letters, and Statements of Position. 605.
https://egrove.olemiss.edu/aicpa_sop/605
Comments
Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.