Improving the Clarity of Auditing Standards

The Auditing Standards Board (ASB) has redrafted all of the auditing (AU) sections in the Codification of Statements on Auditing Standards (contained in AICPA Professional Standards) now reflecting the ASB’s established clarity drafting conventions designed to make the standards easier to read, understand, and apply.

The vast majority of the clarified standards were issued in 2011 and became effective for calendar year 2012 audits. The clarified standards have been codified as AU-C sections in AICPA Professional Standards. Among other improvements, generally accepted auditing standards (GAAS) now more clearly states the objectives of the auditor and the requirements with which the auditor has to comply when conducting an audit in accordance with GAAS.

As the ASB redrafted the standards for clarity, it also converged the standards with the International Standards on Auditing (ISAs), issued by the International Auditing and Assurance Standards Board (IAASB)