The American Institute of CPAs has issued two new exposure drafts, including a proposal to update auditing standards surrounding going-concern evaluations.
The institute’s Auditing Standards Board has released Proposed Statement on Auditing Standards, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern, which would supersede SAS No. 126 and amend various sections of SAS No. 122, largely in order to accommodate the provisions of the different going-concern standards issued by the Financial Accounting Standards Board, the Governmental Accounting Standards Board and the International Auditing and Assurance Standards Board.
Comments are requested by September 5, and should be addressed to Sherry Hazel at shazel@aicpa.org; if approved the new standards would be effective for audits of financial statements for periods ending on or after Dec. 15, 2017.
Separately, the institute’s Accounting and Review Services Committee issued an exposure draft of proposed SSARS Amendment to Statement on Standards for Accounting and Review Services No. 21 Section 90, Review of Financial Statements, largely to reflect a technical correction of AR-C Section 90.
Comments are due by September 2; the amendment would be effective when issued.
