Standards Tracker - Audit and Attest 

 

Financial reporting standards are ever-changing making it challenging to keep up. The table below provides a quick reference to recently issued audit and attest standards, complete with effective dates, summaries, and links to the standards themselves. Browse by Type:



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SAS133Final Standards
July 2017
SAS No. 133 amends AU-C section 560, Subsequent Events and Subsequently Discovered Facts (AICPA, Professional Standards), and AU-C section 925, and becomes effective for exempt offering documents with which the auditor is involved that are initially distributed, circulated, or submitted on or after June 15, 2018.
This SAS address the auditor’s responsibilities with respect to offerings of securities exempt from registration under the Securities Act of 1933 and to franchise offerings.
SAS132Final Standard
February 2017
This Statement on Auditing Standards is effective for audits of financial statements for periods ending on or after December 15, 2017.
This Statement on Auditing Standards (SAS) addresses the auditor’s responsibilities in the audit of financial statements relating to the entity’s ability to continue as a going concern and the implications for the auditor’s report. This SAS applies to all audits of a complete set of financial statements, regardless of whether the financial statements are prepared in accordance with a general purpose or a special purpose framework.
SAS132Final Standard
February 2017
This Statement on Auditing Standards is effective for audits of financial statements for periods ending on or after December 15, 2017.
This Statement on Auditing Standards (SAS) addresses the auditor’s responsibilities in the audit of financial statements relating to the entity’s ability to continue as a going concern and the implications for the auditor’s report. This SAS applies to all audits of a complete set of financial statements, regardless of whether the financial statements are prepared in accordance with a general purpose or a special purpose framework.
SAS131Final Standard
January 2016
This Statement on Auditing Standards is effective for audits of financial statements for periods ending on or after June 15, 2016. Application of the SAS before the effective date is not prohibited.
The Auditing Standards Board has issued SAS No. 131 to clarify the format of the auditor’s report that should be issued when the auditor conducts an audit in accordance the standards of the PCAOB, but the audit is not under the jurisdiction of the PCAOB.
SAS130Final Standard
October 2015
This Statement on Auditing Standards is effective for  integrated audits for periods ending on or after December 15, 2016.
The ASB concluded that, because engagements performed under AT section 501, An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements (AICPA, Professional Standards), as well as related attestation interpretation No. 1, “Reporting Under Section 112 of the Federal Deposit Insurance Corporation Improvement Act” (AICPA, Professional Standards, AT sec. 9501), are required to be integrated with an audit of financial statements, it is appropriate to move the content of AT section 501 from the attestation standards into generally accepted auditing standards (GAAS).
SAS129Final Standard
July 2014
This Statement on Auditing Standards is effective for audits of financial statements for periods ending on or after December 15, 2014.
AU-C section 920 addresses the auditor’s responsibilities when engaged to issue letters (commonly referred to as comfort letters) to requesting parties in connection with a nonissuer entity’s financial statements included in a registration statement or other securities offerings.
SAS128Final Standard
February 2014
This Statement on Auditing Standards is effective for audits of financial statements for periods ending on or after December 15, 2014.
SAS No. 128 addresses the external auditor’s responsibilities if using the work of internal auditors. Using the work of internal auditors 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.
SAS127Final Standard
January 2013
The amendments to SAS No. 122 section 600 are effective for audits of group financial statements for periods ending on or after December 15, 2012.
 
The amendments to SAS No. 122 section 800 are effective for audits of financial statements for periods ending on or after December 15, 2012.
This SAS amends 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),” and SAS No. 122 section 800, “Special Considerations—Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks.” The amendment to AU-C section 600 addresses circumstances in which the auditor of the group financial statements may make reference to the audit of a component auditor. The amendment to AU-C section 800 adds an other basis of accounting as a special purpose framework.
SAS132Final Standard
February 2017
This Statement on Auditing Standards is effective for audits of financial statements for periods ending on or after December 15, 2017.
This Statement on Auditing Standards (SAS) addresses the auditor’s responsibilities in the audit of financial statements relating to the entity’s ability to continue as a going concern and the implications for the auditor’s report. This SAS applies to all audits of a complete set of financial statements, regardless of whether the financial statements are prepared in accordance with a general purpose or a special purpose framework.


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