The ASB has added a new sentence as the penultimate sentence in paragraph .53 of AU-C section 920 in order to reinforce the ASB’s intention not to change practice and to avoid unintended consequences. See the revisions to AU-C section 920 paragraph .53.
The clarified auditing standards are effective for audits of financial statements for periods ending on or after December 15, 2012. Access additional resources to ensure you and your firm are prepared for the changes.
In addition, the Attest Clarity Project is underway to clarify the existing attest standards. Information and resources are available.
The Risk Assessment Standards continue to give auditors issues in effectively and efficiently applying the contained guidance. The AICPA has developed tools and information to assist auditors in applying the guidance and ways to realize audit efficiencies related to risk assessment.