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ASB Proposal Would Amend Auditor’s Report Auditing Standard

by Ken Tysiac | Aug 17, 2015   ()
The Auditing Standards Board on Friday proposed amendments to provide requirements and guidance for reporting on an audit conducted in accordance with both generally accepted auditing standards (GAAS) and PCAOB standards. When an auditor conducts an audit in accordance with PCAOB standards and the audit is not within the jurisdiction of the PCAOB, the proposed amendments would:

  • Clarify that the AICPA Code of Professional Conduct requires the auditor also to comply with GAAS in the conduct of the audit.
  • Require that when the auditor plans to refer to PCAOB standards in addition to GAAS in the auditor’s report, the auditor should use the report layout and wording specified by the PCAOB’s auditing standards, amended to indicate that the audit also was conducted in accordance with GAAS.

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    Source: Journal of Accountancy

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