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.
