Exposure Drafts of Proposed SASs, SSAEs, and SQCSs

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 ASB utilizes a process that includes deliberation in meetings open to the public, public exposure of proposed statements, and a formal vote. The Accounting and Review Services Committee (ARSC) also develops and issues Statements on Standards for Attestation Engagements through the same process. 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 file containing drafts of proposed pronouncements, comment letters received during public exposure periods, and summaries of research data is retained for 10 years.

Title Supplementary Materials Comment Due Date Comments
Proposed Statement on Standards for Attestation Engagements, Revisions to Statement on Standards for Attestation Engagements No. 18, Attestation Standards: Clarification and Recodification Marked Drafts of Proposed AT-C Section 105, Concepts Common to All Attestation Engagements, Proposed AT-C Section 205, Examination Engagements, Proposed AT-C Section 210, Limited Assurance Engagements, and Proposed AT-C Section 215, Agreed-Upon Procedures Engagements October 11, 2018 Comment Letters
Proposed Statement on Auditing Standards, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement   November 25, 2020 Comment Letters
Proposed Statement on Auditing Standards, Amendments to AU-C Sections 501, 540, and 620 Related to the Use of Specialists and the Use of Pricing Information Obtained From External Information Sources   February 4, 2021 Comment Letters
Proposed Statements on Quality Management Standards (SQMS)—Quality Management:  A Firm’s System of Quality Management, and Engagement Quality Reviews
Proposed Statement on Auditing Standards, Quality Management for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards

Roundtable sessions information and registration

QM Standards Exposure Draft Explanatory Memorandum (stand-alone version)

Executive Summary – Project Level

Executive Summary Proposed SQMS No. 1

Executive Summary Proposed SQMS No. 2

Executive Summary Proposed QM SAS

Comment Letter Template

Comparison of Proposed Statement on Quality Management Standards A Firm’s System of Quality Management to International Standard on Quality Management 1, Quality Management for Firms That Perform Audits of Reviews of Financial Statements, or Other Assurance or Related Services Engagements


Comparison of Proposed Statement on Quality Management Standards Engagement Quality Reviews to International Standard on Quality Management 2, Engagement Quality Reviews

Comparison of Proposed Statement on Auditing Standards Quality Management for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards to International Standard on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements

Summary of Differences between Requirements in IAASB QM Standards and ASB QM Standards

June 11, 2021
(extended to August 31, 2021)
 

Proposed Statement on Auditing Standards Inquiries of the Predecessor Auditor Regarding Fraud and Noncompliance With Laws and Regulations

  June 30, 2021