Exposure Drafts of Proposed Statements

The Auditing Standards Board (ASB) develops and issues standards in the form of Statements on Auditing Standards, Statements on Standards for Attestation Engagements, and Statements on Quality Control Standards. The Accounting and Review Services Committee (ARSC) develops and issues standards in the form of Statements on Standards for Accounting and Review Services. Both the ASB and the ARSC utilize a process that includes deliberation in meetings open to the public, public exposure of proposed statements, and a formal vote. Exposure drafts of these statements are issued by the AICPA to invite public comment before a final pronouncement is issued. The public exposure time varies depending on the complexity of the issue and the circumstances surrounding the need for a new standard. A public file containing drafts of proposed pronouncements, comment letters received during public exposure periods, and summaries of research data are retained for 10 years for public reference.

Select the title below to view a brief summary of the proposal. You also may download a complete copy of the exposure draft.

TITLE	COMMENT DUE DATE	COMMENTS
Proposed Statements on Auditing Standards, Terms of Engagement and Written Representations	January 15, 2010
Proposed Statements on Auditing Standards, Forming an Opinion and Reporting on Financial Statements; Modifications to the Opinion in the Independent Auditor’s Report; and Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report	December 31, 2009
Proposed Statements on Auditing Standards, Reporting on Compliance With Aspects of Contractual Agreements or Regulatory Requirements in Connection With Audited Financial Statements (Redrafted)	December 31, 2009
Proposed Statements on Auditing Standards, Special Considerations—Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks; and Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement	December 31, 2009
Proposed Statements on Auditing Standards, Engagements to Report on Summary Financial Statements	December 31, 2009
Proposed Statements on Auditing Standards, Reporting on Financial Statements Prepared in Accordance With a Financial Reporting Framework Generally Accepted in Another Country	December 31, 2009
Proposed Statement on Auditing Standards, Related Parties (Redrafted)	December 15, 2009
Proposed Statement on Auditing Standards, Audits of Group Financial Statements (Including the Work of Component Auditors)	December 15, 2009
Proposed Statement on Auditing Standards, Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures (Redrafted)	November 30, 2009
Proposed Statement on Quality Control Standards, A Firm’s System of Quality Control (Redrafted)	Closed August 31, 2009	Letters of Comment
Proposed Statement on Auditing Standards, Quality Control for an Audit of Financial Statements	Closed August 31, 2009	Letters of Comment
Proposed Statement on Auditing Standards, External Confirmations	Closed August 31, 2009	Letters of Comment
Proposed Statements on Standards for Accounting and Review Services: Proposed SSARS, Framework and Objectives for Performing and Reporting on Compilation and Review Engagements; Proposed SSARS, Compilation of Financial Statements; and Proposed SSARS, Review of Financial Statements	Closed July 31, 2009	Letters of Comment
Proposed Statement on Auditing Standards, Subsequent Events and Subsequently Discovered Facts	Closed July 15, 2009	Letters of Comment
Proposed Statement on Auditing Standards, Audit Sampling (Redrafted)	Closed May 29, 2009	Letters of Comment
Proposed Statement on Auditing Standards, Initial Audit Engagements, Including Reaudits —Opening Balances	Closed May 29, 2009	Letters of Comment
Proposed Statements on Auditing Standards, Risk Assessment	Closed April 30, 2009	Letters of Comment
Proposed Statement on Auditing Standards, Consideration of Laws and Regulations in an Audit of Financial Statements	Closed May 29, 2009	Letters of Comment
Proposed Statement on Auditing Standards, Consideration of Fraud in a Financial Statement Audit (Redrafted)	Closed May 29, 2009	Letters of Comment
Proposed Statements on Auditing Standards Required Supplementary Information; Other Information in Documents Containing Audited Financial Statements; and Other Information in Relation to the Financial Statements as a Whole	Closed May 15, 2009	Letters of Comment
Proposed Statement on Auditing Standards Compliance Audits	Closed April 30, 2009	Letters of Comment
Proposed Statement on Standards for Attestation Engagements Reporting on Controls at a Service Organization	Closed February 17, 2009	Letters of Comment
Proposed Statement on Auditing Standards Audit Considerations Relating to an Entity Using a Service Organization (Redrafted)	Closed February 17, 2009	Letters of Comment