The ASB's Audit Standards Clarity Project: Prepare Now to Comply
Meeting the Challenges of International Convergence, New Objectives and Special Considerations in the Revised Standards
Recording of a 110-minute CPE webinar with Q&A
This teleconference will provide advisors with an analysis of the material changes (to date and upcoming) to U.S. auditing standards by the Auditing Standards Board's (ASB) clarification and international convergence efforts, as well as the navigational issues with which auditors will deal on a routine basis.
- Background on the Auditing Standards Board’s clarity project
- Multi-year project to reformat and redraft all U.S. auditing standards
- Make them easier to use
- Have them converge, to maximum degree possible, with international ISAs
- Some standards already reworked, from a clarity perspective
- Common effective date of Dec. 15, 2012
- Material changes to the standards
- Establishing a written, stated objective for each standard
- Definitions section for standards that don’t have one
- Special considerations for audits of smaller, less-complex entities
- Special considerations for audits of government entities
- Possible changes in language of auditor’s report, requirements for opening balances, detecting non-compliance and other areas
- Navigational changes to the standards
- Structuring and drafting improvements
- Different terminology
- Mergers and separations of certain ASB sections
- Planning and training steps auditing firms can consider now
The panel will explore these and other relevant topics:
- New elements in U.S. standards: Overall objectives and definitions for each standard, and special considerations for audits of less complex and government entities.
- Potential significant changes: Language of auditor's reports, additional requirements on opening balances and illegal acts, and reporting changes when using a service auditor's work, among other areas.
- Standards navigation issues: Where the organization and formatting of the ASB standards might catch you off-guard.
- Staff training: What internal educational efforts on the clarity project should you be undertaking right now?
Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.
Senior Technical Manager
She is attached to the AICPA's Audit and Attest Standards Team and also acts as staff liaison for the ASB,... | Read More
She is attached to the AICPA's Audit and Attest Standards Team and also acts as staff liaison for the ASB, supporting its standard-setting activities. As senior technical manager, she also helps develop non-authoritative professional guidance.Close
He has more than 25 years of experience as a CPA, including 16 years as an auditor at Ernst & Young. He recently... | Read More
He has more than 25 years of experience as a CPA, including 16 years as an auditor at Ernst & Young. He recently rotated off the Auditing Standards Board and served there as the clarity standards were being developed from 2007 to 2010.Close