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  Performing agreed-upon procedures engagements that address the completeness, accuracy, or consistency of XBRL-tagged data; Statement of position 09-1

  American Institute of Certified Public Accountants. XBRL Assurance Task Force

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  Proposed audit and accounting guide: gaming; Exposure draft (American Institute of Certified Public Accountants), 2008, September 10

  American Institute of Certified Public Accountants. Accounting Standards Executive Committee

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  Audit documentation: supplementary material; Exposure draft (American Institute of Certified Public Accountants), 2008, April 30

  American Institute of Certified Public Accountants. Auditing Standards Board

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  Auditor's communication with those charged with governance: supplementary material;

  American Institute of Certified Public Accountants. Auditing Standards Board

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  Changes made to the December 2007 exposure draft (ED) of International Standard on Auditing (ISA) 402 (revised and redrafted), audit considerations relating to an entity using a third party service organization, and proposed statement on auditing standards (SAS) audit considerations relating to an entity using a service organization; Exposure draft (American Institute of Certified Public Accountants), 2008, November 17

  American Institute of Certified Public Accountants. Auditing Standards Board

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  Disposition of paragraphs in AU section 324, servce organizations, in the proposed statement on auditing standards (SAS), Audit considerations when an entity uses a service organization, and in the proposed statement on standards for attestation engagements(SSAE), reporting on controls at a service organization; Exposure draft (American Institute of Certified Public Accountants), 2008, November 17

  American Institute of Certified Public Accountants. Auditing Standards Board

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  Proposed preface to codification of statements on auditing standards: principles governing an audit conducted in accordance with generally accepted auditing standards, and Proposed statement on auditing standards: overall objectives of the independent auditor and the conduct of an audit in accordance with generally accepted auditing standards; Exposure draft (American Institute of Certified Public Accountants), 2008, September 26

  American Institute of Certified Public Accountants. Auditing Standards Board

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  Proposed statement on auditing standards: audit considerations relating to an entity using a service organization (redrafted); Exposure draft (American Institute of Certified Public Accountants), 2008, November 17

  American Institute of Certified Public Accountants. Auditing Standards Board

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  Proposed statement on auditing standards: Communicating internal control related matters in an audit; Exposure draft (American Institute of Certified Public Accountants), 2008, June 12

  American Institute of Certified Public Accountants. Auditing Standards Board

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  Proposed statement on auditing standards: compliance audits; Exposure draft (American Institute of Certified Public Accountants), 2008, December 24

  American Institute of Certified Public Accountants. Auditing Standards Board

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  Proposed statement on auditing standards: interim financial information (amends AU section 722, interim financial information); Exposure draft (American Institute of Certified Public Accountants), 2008, September 2

  American Institute of Certified Public Accountants. Auditing Standards Board

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  Proposed statement on auditing standards no. 103 (redrafted): Audit documentation; Exposure draft (American Institute of Certified Public Accountants), 2008, April 30

  American Institute of Certified Public Accountants. Auditing Standards Board

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  Proposed statement on auditing standards no. 114 (redrafted): the auditor's communication with those charged with governance; Exposure draft (American Institute of Certified Public Accountants), 2008, April 30

  American Institute of Certified Public Accountants. Auditing Standards Board

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  Proposed statement on auditing standards: performing audit procedures in response to assessed risks and evaluating the audit evidence obtained; Exposure draft (American Institute of Certified Public Accountants), 2008

  American Institute of Certified Public Accountants. Auditing Standards Board

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  Proposed statement on standards for attestation engagements: an examination of an entity's internal control over financial reporting that is integrated with an audit of its financial statements; Exposure draft (American Institute of Certified Public Accountants), 2008, June 12

  American Institute of Certified Public Accountants. Auditing Standards Board

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  Proposed statement on standards for attestation engagements: reporting on controls at a service organization; Exposure draft (American Institute of Certified Public Accountants), 2008, November 17

  American Institute of Certified Public Accountants. Auditing Standards Board

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  Supplementary material: proposed statement on auditing standards: overall objectives of the independent auditor and the conduct of an audit in accordance with generally accepted auditing standards; Exposure draft (American Institute of Certified Public Accountants), 2008, September 26

  American Institute of Certified Public Accountants. Auditing Standards Board

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  Proposed Content and skill specifications for the uniform CPA examination; Exposure draft (American Institute of Certified Public Accountants), 2008

  American Institute of Certified Public Accountants. Board of Examiners

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  Proposed statements on standards for tax services; Exposure draft (American Institute of Certified Public Accountants), 2008, November 26

  American Institute of Certified Public Accountants. Tax Executive Committee

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  Comment letters on Omnibus Statement on Standards for Accounting and Review Services

  American Institute of Certified Public Accountants. Accounting and Review Services Committee

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  Proposed statement on standards for Accounting and review services : Defining professional requirements in statements on standards for accounting and review services;Defining professional requirements in statements on standards for accounting and review services; Exposure draft (American Institute of Certified Public Accountants), 2007, Aug. 22

  American Institute of Certified Public Accountants. Accounting and Review Services Committee

  The proposed SSARS defines two categories of professional requirements: (1) Unconditional requirements. The accountant is required to comply with an unconditional requirement in all cases in which the circumstances exist to which the requirement applies. An unconditional requirement is indicated by the words must or is required. (2) Presumptively mandatory requirements. The accountant is also required to comply with a presumptively mandatory requirement in all cases in which the circumstances exist to which the requirement applies. The accountant may depart from a presumptively mandatory requirement provided that he or she justifies the departure and how alternative procedure(s) performed in the circumstances were sufficient to achieve the objectives of the requirement. The word should indicates a presumptively mandatory requirement.

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  Proposed statement on standards for accounting and review services: Omnibus statement on standards for accounting and review services - 2008; Exposure draft (American Institute of Certified Public Accountants), 2007, October 9

  American Institute of Certified Public Accountants. Accounting and Review Services Committee

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  Proposed AICPA Audit and Accounting Guide : Airlines;Airlines; Exposure draft (American Institute of Certified Public Accountants), 2007, Sept. 12

  American Institute of Certified Public Accountants. Accounting Standards Executive Committee and American Institute of Certified Public Accountants. Airline Guide Task Force

  This guide does the following: (1) Identifies certain requirements set forth in pronouncements in levels a, b, and c of the hierarchy of sources of GAAP. In these instances, entities are required to apply those requirements based on their standing in levels a, b, or c of the hierarchy rather than because of their inclusion in this guide. (2) Describes AcSEC’s understanding of prevalent or sole industry practice concerning certain issues. In addition, this guide may indicate that AcSEC expresses a preference for the prevalent or sole industry practice, or it may indicate that AcSEC expresses a preference for another practice that is not the prevalent or sole industry practice; alternatively, AcSEC may express no view on the matter. (3) Identifies certain other, but not necessarily all, industry practices concerning certain accounting issues without expressing AcSEC’s views on them Provides guidance that has been supported by AcSEC on the accounting, reporting, or disclosure treatment of transactions or events that is not set forth in pronouncements in levels a, b, and c of the hierarchy of sources of GAAP.

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  Attestation engagements that address specified compliance control objectives and related controls at entities that provide services to investment companies, investment advisers, or other service providers; Statement of position 07-2

  American Institute of Certified Public Accountants. Auditing Standards Board

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  Clarification of the scope of the audit and accounting guide investment companies and accounting by parent companies and equity method investor for investments in investment companies; Statement of position 07-1

  American Institute of Certified Public Accountants. Auditing Standards Board

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  Proposed statement on auditing standards: understanding the entity and its environment and assessing the risks of material misstatement; Exposure draft (American Institute of Certified Public Accountants), 2007

  American Institute of Certified Public Accountants. Auditing Standards Board

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  Proposed revisions to the AICPA standards for performing and reporting on peer reviews; Exposure draft (American Institute of Certified Public Accountants), 2007, April 16

  American Institute of Certified Public Accountants. Peer Review Board

  The most significant conclusions to come from the work of the above task forces were (1) a recommendation to merge the two peer review programs and (2) a recommendation to reengineer the reporting process to be more understandable and usable in light of the growing mandate that the results of peer reviews be made more widely available. The PRB has issued this exposure draft to propose those recommendations and incorporate other revisions to the Standards and related Interpretations (AICPA Professional Standards, PR Section 100) that are expected to result in a more efficient and effective Program. To ensure Program integrity and usefulness, the PRB designed the proposed revisions to meet stakeholders’ needs. The revisions recognize the importance peer review plays in the state board of accountancy licensure process. Approximately 40 state boards require peer review, as do other regulators such as the Government Accountability Office. The PRB strongly believes that the proposed revisions will improve peer review execution and rigor. Also, a new reporting model designed to meet the needs of reviewed firms and other stakeholders will enhance peer review report clarity, comparability and understandability.

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  Proposal of Professional Ethics Division: Proposed interpretation 501-8 under rule 501: "Failure to follow requirements of governmental bodies, commissions, or other regulatory agencies on indemnication and limitation of liability agreements with a client"; Exposure draft (American Institute of Certified Public Accountants), 2007, December 3

  American Institute of Certified Public Accountants. Professional Edthics Executive Committee

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  Proposal of Professional Ethics Division; Exposure draft (American Institute of Certified Public Accountants), 2007, Aug. 13

  American Institute of Certified Public Accountants. Professional Ethics Executive Committee

  Proposed revision of ET section 92: Definintion of Firm; Proposed addition to ET section 92: Definition of network; Proposed interpretation of 101-17, , Networks and Network Firms

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  Proposal of Professional Ethics Division: Proposed interpretation 102-7, other considerations: meeting the objectives of the fundamental principles, and proposed framework for meeting the objectives of the fundamental principles;Proposed interpretation 102-7, other considerations: meeting the objectives of the fundamental principles, and proposed framework for meeting the objectives of the fundamental principles; Exposure draft (American Institute of Certified Public Accountants), 2007, May 15

  American Institute of Certified Public Accountants. Professional Ethics Executive Committee

  The Committee recognizes that specific threats to meeting the objectives of the fundamental principles may arise when providing professional services to clients and employers. Because it is impossible to address in the Code every situation that creates such threats and specify the appropriate safeguards to mitigate or eliminate those threats, the proposed Framework provides guidance to members when faced with making decisions on ethical matters that are not explicitly addressed by the Code. Under no circumstances, however, may the proposed Framework be used to justify noncompliance with the prohibitions or requirements contained in the rules, interpretations, and rulings in the Code. In cases where a member identifies a threat that is not clearly insignificant (that is, it is more than trivial and inconsequential), the member is required to apply safeguards to eliminate the threat or reduce it to an acceptable level. If a threat cannot be sufficiently mitigated through the application of safeguards, or if a member is unable to implement appropriate safeguards, the member should decline or discontinue the specific professional service. Because the nature of the threats and safeguards may differ for members in public practice and members not in public practice, the proposed Framework provides specific examples relevant to members in public practice and members who are not in public practice. In addition, the proposed Framework contains guidance on ethical conflict resolution that is relevant to all members.

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  Proposed revisions to AICPA/NASBA Uniform Accountancy Act sections 23, 7 and 14; Exposure draft (American Institute of Certified Public Accountants), 2007, March

  American Institute of Certified Public Accountants. UAACommittee; National Association of State Boards of Accountancy. UAA Committee

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  Proposed statement on standards for accounting and review services : Elimination of certain references to statements on auditing standards and incorporation of appropriate guidance into statements on standards for accounting and review services;Elimination of certain references to statements on auditing standards and incorporation of appropriate guidance into statements on standards for accounting and review services; Exposure draft (American Institute of Certified Public Accountants), 2006, Dec. 1

  American Institute of Certified Public Accountants. Accounting and Review Services Committee

  The proposed Statement would amend AR sections 100, 200, 300, and 400. In addition, the following Interpretations are anticipated to be affected: Withdraw Interpretation No. 4, “Discovery of Information After the Date of the Accountant’s Report,” of AR section 100. Amend Interpretation No. 11, “Reporting on Uncertainties” by eliminating the reference to SAS No. 59, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern and incorporating guidance specific to compilation and review engagements. Conform Interpretation No. 15, “Differentiating a Financial Statement Presentation From a Trial Balance,” of AR section 100 by deleting the “typical titles” for financial statements and instead referencing the examples of financial statement titles included in AR section 100.04 as revised by the proposed Statement.

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  Proposed statement on standards for accounting and review services: Elimination of certain references to statements on auditing standards and incorporation of appropriate guidance into statements on standards for accounting and review services; Exposure draft (American Institute of Certified Public Accountants), 2006, December 1

  American Institute of Certified Public Accountants. Accounting and Review Services Committee

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  Proposed statement on auditing standards : Omnibus--2006;Omnibus--2006 ; Exposure draft (American Institute of Certified Public Accountants), 2006, July 25

  American Institute of Certified Public Accountants. Auditing Standards Board

  1. The proposed SAS Omnibus will amend the general and reporting standards that were not amended by SAS No. 105. The proposed SAS Omnibus will also amend those SASs that quote the 10 standards to conform them with the changes in SAS No. 105 and to the changes proposed in this Statement. 2. The proposed amendment to SAS No. 99, Consideration of Fraud in a Financial Statement Audit, adds a footnote to SAS No. 99 that provides a clear link between the auditor’s consideration of fraud and the auditor’s assessment of risk and the auditor’s procedures in response to those assessed risks. 3. The amendments in this exposure draft are necessary to remove references to the completion of fieldwork . 4. The date of management’s representation letter is changed to align it with the requirement in SAS No. 103 that the auditor’s report not be dated prior to the date on which the auditor has obtained sufficient appropriate audit evidence.

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  Proposed statement on auditing standards : The auditor's communication with those charged with governance;Auditor's communication with those charged with governance; Exposure draft (American Institute of Certified Public Accountants), 2006, March 10

  American Institute of Certified Public Accountants. Auditing Standards Board

  This exposure draft introduces a proposed Statement on Auditing Standards (SAS) that will replace SAS No. 61, Communication With Audit Committees, as amended. This proposed SAS establishes standards and provides guidance to an auditor on matters to be communicated with those charged with governance.

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  Proposed statement on quality control standards : A Firm's system of quality control;Firm's system of quality control; Exposure draft (American Institute of Certified Public Accountants), 2006, July 28

  American Institute of Certified Public Accountants. Auditing Standards Board

  The proposed SQCS defines the engagement quality control review (often referred to as a concurring review), and requires firms to establish criteria to determine which engagements are to be subject to an engagement quality control review. It also provides guidance on policies and procedures for performing engagement quality control reviews. An engagement quality control review should include a review of the financial statements or other subject matter information and the report, and, in particular, consideration of whether the report is appropriate. An engagement quality control review also should include either (i) a discussion with the practitioner-in-charge, (ii) a review of selected working papers relating to the significant judgments the engagement team made and the conclusions they reached, or (iii) both discussion and review. The decision to review selected working papers in addition to, or instead of, discussion with the practitioner-incharge depends on the complexity of the engagement and the risk that the report might not be appropriate in the circumstances.

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  Proposed statement on standards for attestation engagements: Reporting on an entity’s internal control over financial reporting (To supersede Chapter 5, “Reporting on an Entity’s Internal Control Over Financial Reporting,” of Statement on Standards for Attestation Engagements No. 10, Attestation Standards: Revision and Recodification, as amended);Reporting on an entity’s internal control over financial reporting; Exposure draft (American Institute of Certified Public Accountants), 2006, Jan. 19

  American Institute of Certified Public Accountants. Auditing Standards Board

  This Statement establishes standards and provides guidance to a practitioner reporting on an entity's internal control over financial reporting (or on an assertion thereon)1,2 as of a point in time or for a period.3 Guidance is provided on examining: a. The design and operating effectiveness of an entity's internal control. b. The design and operating effectiveness of the internal control of a component of an entity, for example, an operating division of an entity or its accounts receivable function. (See paragraph 247.) c. The effectiveness of the design of an entity's internal control, including internal control that has not yet been placed in operation. (In such engagements, management makes no assertion about the operating effectiveness of internal control.) (See paragraphs 248 through 254.)4 d. The design and operating effectiveness of an entity's internal control based on criteria established by a regulatory agency. (See paragraphs 255 through 259.)

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  Proposed statement on standards of attestation engagements : SSAE hierarchy;SSAE hierarchy; Exposure draft (American Institute of Certified Public Accountants), 2006, July 25

  American Institute of Certified Public Accountants. Auditing Standards Board

  The proposed SSAE: 1. Identifies the body of attest literature. 2. Clarifies the authority of attest publications issued by the AICPA and others. 3. Specifies which attest publications the practitioner must comply with and those he or she should be aware of when conducting an attest engagement. 4. Amends the 11 attestation standards to conform them with the use of terms established in SSAE No. 13, Defining Professional Requirements in Statements on Standards for Attestation Engagements.

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  Proposed statement on standards for valuation services: Valuation of a business, business ownership interest, security, or intangible asset; Exposure draft (American Institute of Certified Public Accountants), 2006,October 16

  American Institute of Certified Public Accountants. Consulting Services Executive Committee

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  Reporting pursuant to the Global Investment Performance Standards; Statement of position 06-1;

  American Institute of Certified Public Accountants. Investment Performance Standards Task Force

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  Omnibus proposal of Professional Ethics Division interpretations and rulings; Exposure draft (American Institute of Certified Public Accountants), 2006, Sept. 8

  American Institute of Certified Public Accountants. Professional Ethics Executive Committee

  Consistent with the original proposal issued in September 2005, the proposed interpretation states that independence would not be impaired if a member and the client agree that the unsuccessful party in a lawsuit or alternative dispute resolution (ADR) proceeding between them will pay the legal fees and expenses of the successful party. The proposed interpretation retains the conclusion that an indemnification or limitation of liability provision related to nonattest services performed for an attest client (that is, where the provision relates only to the nonattest services engagement and not the attest engagement) would not impair a member’s independence with respect to that client.

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  Proposed statement on standards for accounting and review services : Compilation of specified elements, accounts, or items of a financial statement;Compilation of specified elements, accounts, or items of a financial statement; Exposure draft (American Institute of Certified Public Accountants), 2005, March 18

  American Institute of Certified Public Accountants. Accounting and Review Services Committee

  Statements on Standards for Accounting and Review Services (SSARS) currently provide guidance concerning the standards and procedures applicable to compilations and reviews of financial statements. By definition, presentations of specified elements, accounts, or items of a financial statement, or pro forma financial information are not financial statements. This proposed Statement will allow an accountant to compile and report on specified elements, accounts, or items of a financial statement and to compile and report on pro forma financial information in accordance with SSARS. It should be noted that this proposed standard would apply when an accountant is engaged to compile, or does issue a compilation report on, specified elements, accounts, or items of a financial statement or pro forma financial information. The ARSC recognizes that this approach is inconsistent with Statements on Standards for Accounting and Review Services (SSARS) No. 1 through No. 11. Those Statements set forth performance and communication requirements when an accountant submits unaudited financial statements of a nonpublic entity to his or her client or to third parties (SSARS No. 8, Amendment to Statements on Standards for Accounting and Review Services No. I, Compilation and Review of Financial Statements [AICPA, Professional Standards, vol. 2, AR sec. 100], allows the accountant to either report on management use only financial statements, or document an understanding with the entity through the use of an engagement letter regarding the services to be performed and the limitations on the use of the financial statements). The ARSC believes that this approach to specified elements, accounts, or items of a financial statement or pro forma financial information (subject matter that is less than a financial statement as defined by SSARS No. 1 [AR sec. 100.04]) responds best to user and member needs while at the same time protecting the interests of the public. This proposed Statement will not amend or revise the guidance in Chapter 4, "Reporting on Pro Forma Financial Information," of Statement on Standards for Attestation Engagements (SSAE) No. 10, Attestation Standards: Revision and Recodification (AICPA, Professional Standards, vol. 1, AT sec. 401), which provides guidance to a practitioner who is engaged to issue or does issue an examination or review report on pro forma financial information. Additionally, this proposed Statement will not amend or revise the guidance in Statement on Auditing Standards No. 62, Special Reports (AICPA, Professional Standards, vol. 1, AU sec. 623), as amended, which provides guidance when an independent auditor is requested to express an opinion on one or more specified elements, accounts, or items of a financial statement.

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  Proposed statement on standards for accounting and review services : Omnibus statement on standards for accounting and review services, 2005 ;Omnibus statement on standards for accounting and review services, 2005; Exposure draft (American Institute of Certified Public Accountants), 2005, March 18

  American Institute of Certified Public Accountants. Accounting and Review Services Committee

  This proposed Statement will: 1. Amend SSARS No. 1, Compilation and Review of Financial Statements (AICPA, Professional Standards, vol. 2, AR sec. 100), to require the accountant to communicate any fraud that comes to his or her attention, even if the matter is considered inconsequential; 2. Amend SSARS No. 2, Reporting on Comparative Financial Statements (AICPA, Professional Standards, vol. 2, AR sec. 200), to allow for the successor accountant to compile or review a restatement adjustment when prior period financial statements have been changed; 3. Amend SSARS No. 1 to provide guidance regarding when an accountant should consider obtaining an updating representation letter from management. The proposed Statement would be effective for compilations and reviews of financial statements for periods ending on or after December 15, 2005. . Early application would be permitted. The proposed Statement would amend SSARS No. 1 and SSARS No. 2.

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  Proposed statement on standards for accounting and review services: Restricting the use of an accountant's compilation or review report;Restricting the use of an accountant's compilation or review report; Exposure draft (American Institute of Certified Public Accountants), 2005, March 18, 2005

  American Institute of Certified Public Accountants. Accounting and Review Services Committee

  This proposed Statement will provide guidance to accountants on restricting the use of reports issued pursuant to Statements on Standards for Accounting and Review Services (SSARS) by: 1. Defining the terms general use and restricted use. 2. Describing the circumstances in which the use of an accountant’s report should be restricted. 3. Specifying the language to be used in accountant’s reports that are restricted regarding use.

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  Accounting by insurance enterprises for deferred acquisition costs in connection with modifications or exchanges of insurance contracts; Statement of position 05-1;

  American Institute of Certified Public Accountants. Accounting Standards Executive Committee

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  Proposed statement on auditing standards: Amendment of statement on auditing standards no. 69, The Meaning of Present Fairly in Conformity with Generally Accepted Accounting Principles, for Nongovernmental Entities;Amendment of statement on auditing standards no. 69, The Meaning of Present Fairly in Conformity with Generally Accepted Accounting Principles, for Nongovernmental Entities; Exposure draft (American Institute of Certified Public Accountants), 2005, May 9

  American Institute of Certified Public Accountants. Auditing Standards Board

  This exposure draft introduces a proposed Statement on Auditing Standards (SAS) that will amend SAS No. 69, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles (AICPA, Professional Standards, vol. 1, AU sec. 411). This proposed SAS applies to nongovernmental entities. It will have no impact on the generally accepted accounting principles (GAAP) hierarchy for state and local governments or for federal governmental entities.

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  Proposed statement on auditing standards: Communication of internal control related matters noted in an audit (To supersede Statement on Auditing Standards No. 60, Communication of Internal Control Related Matters Noted in an Audit) ;Communication of internal control related matters noted in an audit (To supersede Statement on Auditing Standards No. 60, Communication of Internal Control Related Matters Noted in an Audit); Exposure draft (American Institute of Certified Public Accountants), 2005, Sept. 1

  American Institute of Certified Public Accountants. Auditing Standards Board

  This Statement establishes standards and provides guidance for communicating matters related to an entity's internal control over financial reporting1 observed during an audit of financial statements.2 The internal control related matters specified by this Statement should be communicated to management and those charged with governance. The term those charged with governance refers to the person(s) with responsibility for overseeing (a) the strategic direction of the entity and (b) the entity’s financial reporting and disclosure process. In most entities, governance is a collective responsibility that may be carried out by a board of directors, a committee of the board of directors (for example, an audit committee), management, a committee of management (for example, a finance or budget committee), partners, or equivalent persons. In some smaller entities, one person may be charged with governance, for example, the owner in an owner-managed entity, or a sole trustee. Therefore, in some cases management and those charged with governance are the same people.

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  Proposed statement on auditing standards : Defining professional requirements in statements on auditing standards;Proposed statement on standards for attestation engagements : Defining professional requirements in statements on standards for attestation engagements;Defining professional requirements in statements on auditing standards;Defining professional requirements in statements on standards for attestation engagements; Exposure draft (American Institute of Certified Public Accountants), 2005, March 2

  American Institute of Certified Public Accountants. Auditing Standards Board

  In serving the public interest, the Auditing Standards Board (ASB) aims to set high quality auditing and assurance standards for nonissuers that are understandable, clear, and capable of consistent application, thereby serving to enhance the quality and uniformity of practice. In doing so, the ASB seeks to balance the needs of a wide range of users, including auditors, those responsible for governance, regulators, and the public in general. Until now, the accounting profession has not expressly defined imperatives used to describe different degrees of the auditor's responsibility when conducting audit engagements in accordance with generally accepted auditing standards and attestation engagements in accordance with the attestation standards. The ASB believes that by defining the levels of responsibilities, auditing and attestation standards will be clarified, thereby assisting auditors and practitioners with their work and improving the quality of audits and attestation engagements. The ASB also believes that using a definition of these imperatives in common with that used by the Public Companies Accounting Oversight Board (PCAOB) and that proposed by the International Auditing and Assurance Standards Board (IAASB) promotes common understanding of the audit or attestation engagement in the United States and abroad and, accordingly, is in the public interest. This exposure draft introduces a proposed Statement on Auditing Standards (SAS) entitled Defining Professional Requirements in Statements on Auditing Standards and a proposed Statement on Standards for Attestation Engagements entitled Defining Professional Requirements in Statements on Auditing Standards for Attestation Engagements. The proposed SAS and SSAE define the terminology the ASB will use to describe the degrees of responsibility that the requirements impose on the auditor or the practitioner. The proposed SAS and SSAE define two categories of professional requirements: 1. Requirements - The auditor or practitioner is required to comply with a requirement in all cases in which the circumstances exist to which the requirement applies. A requirement is indicated by the words must or is required. 2. Presumptive requirements - The auditor or practitioner is also required to comply with a presumptive requirement in all cases in which the circumstances exist to which the presumptive requirement applies, but in rare circumstances, the auditor or practitioner may depart from a presumptive requirement provided he or she documents his or her justification for departure and how alternative procedures performed in the circumstances were sufficient to achieve the objectives of the presumptive requirement. The word should indicates a presumptive requirement. SASs and SSAEs also contain explanatory material that is intended to provide further explanation and guidance on the professional requirements. Such explanatory material is intended to be descriptive rather than imperative. All professional requirements that a SAS or SSAE impose on the auditor or practitioner will be identifiable by the use of must, is required, or should statements. The definitions in the proposed SAS are consistent with the terms adopted by the PCAOB in Rule 3101, Certain Terms Used in Auditing and Related Professional Practice Standards, and the definitions proposed by the IAASB in its exposure draft, Proposed Policy Statement, "Clarifying Professional Requirements in International Standards Issued by the IAASB." The comment period for this exposure draft ends on May 15, 2005. Although the degree of responsibility attached to the terms must, is required, and should was not previously defined, the ASB believes that the terminology, as defined in this proposed SAS and SSAE, is consistent with the existing interpretation of the SASs and SSAEs. The provisions of these Statements will apply to existing SASs and SSAEs. This approach is consistent with the adoption of the use of terms by the PCAOB. The provisions of these Statements are not intended to apply to interpretive guidance issued by the ASB. The drafting conventions in the proposed SAS and SSAE will be applied on a prospective basis to exposure drafts approved for issue after final approval of this SAS and SSAE. Like the IAASB, the ASB intends to review all standards on a regular basis and to address national issues as circumstances require.