Statements on Auditing Standards
To address concerns over the clarity, length, and complexity of its standards, the Auditing Standards Board established clarity drafting conventions and redrafted all its SASs in accordance with those conventions. As of February 2014, this effort is complete. SAS Nos. 122–127 and SAS No. 128 are effective for audits of financial statements for periods ending on or after December 15, 2012, and December 15, 2014, respectively. Please refer to the clarified Statements on Auditing Standards for current guidance.
As part of the clarification of the SASs, the AU section numbers as designated by SAS Nos. 1–121 were recodified and "AU-C" was selected as an identifier in order to avoid confusion with references to superseded "AU" sections. Superseded “AU” sections were deleted from AICPA Professional Standards in December 2013, by which time substantially all engagements for which the “AU” sections were still effective were expected to be completed. Consult AU-C exhibit A for a list that cross-references AU sections to AU-C sections.
Recently Issued AICPA SASs and Interpretations
SAS No. 131, Amendment to Statement on Auditing Standards No. 122 Section 700, Forming an Opinion and Reporting on Financial Statements
SAS No. 130, An Audit of Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements
Standards Setting Bodies
- Accounting and Review Services Committee
- Auditing Standards Board
- Federal Accounting Standards Advisory Board
- Financial Accounting Standards Board
- Governmental Accounting Standards Board
- Public Company Accounting Oversight Board
- International Accounting Standards Board
- International Auditing and Assurance Standards Board