SAS No. 128 AU-C Section 610 Using the Work of Internal Auditors
The issuance of SAS No. 128 culminates the ASB clarity project in that, now, all of the auditing technical literature has been rewritten in the clarified format. The revised AU-C section 610 guidance is effective for audits of...
Published on March 19, 2014
Employee Benefit Plan Audits Developing Reports Using the Clarity Standards
As with all financial statement audits performed under the clarified auditing standards, audit reports issued as a result of performing an audit of an employee benefit plan [EBP] now have been significantly revamped in efforts to better communicate management and auditor responsibilities and conclusions.
Published on July 17, 2013
Attestation Standards A Quick Look at Forthcoming Guidance
On July 24, 2013, the ASB released an exposure draft of proposed guidance that, when finalized, will be the beginning of the clarity work associated with the SSAEs; in this initial proposal, the subject matter-specific guidance in the attestation literature is not included, but that guidance will be exposed in
Published on August 28, 2013
SAS No. 128 (AU-C Section 610) Using the Work of Internal Auditors
The issuance of SAS No. 128 will culminate the ASB clarity project in that, now, all of the auditing technical literature has been rewritten in the clarified format
Published on February 13, 2014
SAS No. 114 Redrafted Clarifying Governance Communications
The Auditing Standards Board [ASB] has finished work on the first of the clarified auditing standards in work related to the overall clarity project. In efforts to converge the U.S. auditing technical literature with literature developed by the International Auditing and Assurance Standards Board [IAASB], and in efforts to clarify
Published on November 26, 2008
FASB ASC 855 & 740 Disclosures Addressing Some Implementation Questions
Now that reporting entities have gone through the initial reporting cycle where new disclosures associated with uncertain tax positions and subsequent events have been incorporated in financial statement notes, some questions still exist related to how these disclosures appropriately should be incorporated into financial statements.
Published on June 09, 2010
Concepts Statements No. 8 Conceptual Framework Issues
On Tuesday, September 28, 2010, the FASB released Statement of Financial Accounting Concepts [Concepts Statement] No. 8, entitled Conceptual Framework for Financial Reporting.
Published on October 12, 2010
The Clarified Auditing Standards Focusing on Some Initial Peer Review Findings
As auditors begin planning and performing calendar-year 2013 financial statement audits, they will be in the second cycle of using the new authoritative guidance that became effective for audits of financial statements for periods ending on or after December 15, 2012.
Published on December 18, 2013
SSARS No. 21 Changes in the Landscape for Accountants in Public Practice Who Prepare Financial Statements
SSARS No. 21 represents the most significant changes to the compilation and review literature in decades, and draws a bright line between accounting and reporting services.
Published on November 19, 2014
AU-C Section 240 Considering Fraud in Financial Statement Audits
In implementing the clarified auditing technical literature guidance, practitioners will notice some new guidance associated with how they need to consider fraud-related matters in audits performed using U.S. GAAS.
Published on June 06, 2012