Exposure Draft: SSAE Section 210
On February 25th, 2025, the AICPA issued Proposed SSAE: Scope Limitations in a Review Engagement.
March 2025 Newsletter
March experienced a flurry of activities in standard setting. The FAF issued the first ever PCC Annual Report which highlights the work done by the PCC on behalf of private companies. The FASB met with several of its advisory committees (NAC, PCC, and EITF). While no standards were issued the Board voted to ballot Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, Hedge Accounting Improvements and Measurement of Credit Losses for Accounts Receivable and Contract Assets for Private Companies and Certain Not-for-Profit Entities which likely means a flurry of standards are forthcoming.
Proposed SAS: Amendments to AU-C Sections 725, 730, 930, 935, and 940
In December, the AICPA Auditing Standards Board proposed amendments to conform sections of its codification to standards issued earlier in the year on auditor reporting (SAS 134) and the auditor’s responsibilities relating to other information included in annual reports (SAS 137). The ASB also proposed amending certain AU-C sections (particularly AU-C Section 935 – Compliance Audits) to address practice issues that have arisen since they were revised. This proposal represents a continuation of the efforts to improve transparency into the basis for the auditor’s opinion and to further clarify the responsibilities of both management and auditors. Comments are due February 10th.
ASB Strategy and Work Plan
The AICPA’s Auditing Standards Board has issued their Proposed strategy and work plan. Their goal is get feedback on their mission, work plan and strategic initiatives. The proposal includes their plan for the next two years. Comments are due January 31, 2020.
