The American Institute of CPAs has reorganized some of the content of its auditing and attestation standards.
The AICPA noted that because engagements performed under the existing section 501 of its attestation standards, “An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements,” as well as the related attestation interpretation No. 1, “Reporting Under Section 112 of the Federal Deposit Insurance Corporation Improvement Act” (AICPA, Professional Standards, AT secs. 501 and 9501), are always integrated with an audit of financial statements, the AICPA’s Auditing Standards Board has concluded that it would be appropriate to move the content of the extant AT section 501 from the attestation standards into Generally Accepted Auditing Standards, or GAAS.
As a result, the ASB has released for comment “Proposed Statement on Auditing Standards, An Audit of Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements.”
To view the exposure draft, click here.
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