The American Institute of CPAs has released two new standards, one on auditing professional requirements, which includes a section on attestation engagements, and a second dealing with audit documentation.

The standards were both issued at the close of 2005 and summaries are available from the AICPA Web site. Details are also available on how to receive hard copies of the documents.

The Auditing Standards Board's summary statements -- on auditing standards (SAS No. 102 "Defining Professional Requirements in Statements on Auditing Standards"), and on standards for attestation engagements (SSAE No. 13 "Defining Professional Requirements in Statements on Standards for Attestation Engagements"), -- are online at The provisions outlined in the statements are already in effect.

SAS No. 102 outlines the definitions the board will use to describe the degrees of responsibility that the requirements impose on the auditor or the practitioner. The statements also define two categories of professional requirements, including both unconditional and presumptively mandatory requirements.

Separately, SAS No. 103, entitled "Audit Documentation," now encompasses a number of the requirements of other accounting bodies, such as the Public Company Accounting Oversight Board, the International Auditing and Assurance Standards Board and the Government Accountability Office.

The full standard, which is effective for periods ending on or after Dec. 15, 2006, is available at

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