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This book reduces the official language of Statements on Auditing Standards (SASs), Statements on Standards for Attestation Engagements (SSAEs), Statements on Standards for Accounting and Review Services (SSARSs), and the interpretations of those standards into easy-to-read and understandable advice. It is designed to help CPAs in the application of, and compliance with, authoritative standards.

Clarified Auditing Standards

The AICPA's clarified auditing standards are now fully implemented. The Preface contains additional information on the clarity project.

This book follows the sequence of sections of the AICPA Codification of Statements on Auditing Standards, the Codification of Statements on Standards for Attestation Engagements, and the Codification of Statements on Standards for Accounting and Review Services. Sections are divided into the following easy-to-understand parts:

Original Pronouncement. A handy, brief identification of the original standard for the Section.

Definitions of Terms. A glossary of official definitions that gathers in one place explanations of terms that are ordinarily scattered throughout a standard.

Objectives of Section. A behind-the-scenes explanation of the reasons for the pronouncement and a capsule explanation of the most basic ideas of the section.

Requirements. Concise listing and descriptions of those things specifically mandated by the section, and helpful techniques for complying with the fundamental requirements of the section.

Interpretations. A brief summary of each Interpretation.

On the Horizon

Clarified Attestation Standards

SSAE 18 supersedes all existing AT sections and is effective for reports dated after April 30, 2017. The guidance from SSAE is codified in the AT-C sections of AICPA professional standards and appears in the AT-C chapters of this book.

Accounting and Review Standards

The AICPA has issued an exposure draft to amend AR-C 90 on review engagements. The exposure draft includes a technical correction for supplementary information that accompanies reviewed financial statements and the accountant's review report thereon. The proposed SSARS is expected to be effective upon issuance.

Auditing Standards

The Auditing Standards Board (ASB) has two exposure drafts. The first is on auditor involvement with exempt offering documents. If adopted and issued as a final standard, the proposed SAS will be codified in AU-C sec. 945 and will be effective for exempt offering documents with which the auditor is involved that are initially distributed, circulated, or submitted on or after June 15, 2018. Early application of the SAS will be permitted. The second exposure draft is on an auditor's consideration of an entity's ability to continue as a going concern. At the time the current auditing guidance on going concern was issued, the Financial Accounting Standards Board (FASB) had not issued its guidance on management's consideration of going concern. This proposed guidance would better align the AICPA with the FASB, the Governmental Accounting Standards Board (GASB), and International guidance. If adopted, the guidance will be effective for audits of financial statements for periods ending on or after December 15, 2017, and for interim periods beginning thereafter.

This publication is current through SAS No. 131, SSARS 22, and SSAE 18.

Joanne M. Flood

September 2017