Audit and Attest

    Audit and Attest Services 

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    If you perform audit and attest engagements, the information and resources here will help you stay informed of changes to audit and attest standards, perform your engagements, and be aware of common pitfalls in these engagements.

    The Auditing Standards Board promulgates Statements on Auditing Standards (SAS), Statements on Standards for Attestation Engagements (SSAE) and Statements on Quality Control Standards (SQCS), and, as a part of its due process, releases Exposure Drafts of proposed standards. The AICPA also issues interpretive and other publications to assist practitioners in understanding and applying the standards.

    Hot Topics

    Enhanced Auditor Reporting

    The AICPA has released a whitepaper "Proposals to Enhance the Auditor's Report" in order to provide information about the ongoing project of the International Auditing and Assurance Standards Board and the Public Company Auditing Oversight Board related to enhanced auditor reporting.

    Clarity Project

    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.

    Risk Assessment

    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.

    Focus on Peer Review

    Peer Review promotes quality in accounting and auditing services provided by AICPA members and their firms. Peer Review serves the public interest while contributing to the quality and effectiveness of member firm practices. Here are the top 5 matters recently identified in audit and attest engagements, each of which include further discussion so you can avoid these common pitfalls.

    Standards Tracker

    In an effort to keep its members informed, the AICPA has created a Standards Tracker. This tool will keep members up to date regarding the most recent guidance made available by standard setters, filtered in order to give you only what you need to know.


    Additional Hot Topics
    • Professional judgment is critical in high-quality audits. Find out more about established professional judgment frameworks.
    • Learn more about a Firm's System of Quality Control.
    • The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has released a draft of an updated Internal Control framework. Find additional information.
    • More and more CPAs are receiving requests from clients, lenders, and loan brokers to confirm client information in connection with a pending client loan application. Review our recently issued TIS Section 9110.19, "Lender Comfort Letters" or review additional  resources.


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