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Thursday, August 9, 2012

ASB to vote on whether to propose amendments to two clarified auditing standards


The AICPA Auditing Standards Board (ASB) will vote Aug. 16 on whether to issue an exposure draft to propose amending two clarified standards that take effect Dec. 15.

In response to member requests for further clarity, the ASB plans to propose Omnibus Statement on Auditing Standards—2012. This proposed statement on auditing standards would amend the following two sections of SAS No. 122, Statements on Auditing Standards: Clarification and Recodification:

  • Section 600, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) (AICPA, Professional Standards, AU-C sec. 600)
  • Section 800, Special Considerations—Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks (AICPA, Professional Standards, AU-C sec. 800)


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Source: Ken Tysiac Journal of Accountancy, senior editor. www.journalofaccountancy.com