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Rulemaking gives auditors a chance to provide more insight

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Aug 28, 2017

On August 28, 2017, the Journal of Accountancy released an article stating that this fall, the AICPA Auditing Standards Board (ASB) is scheduled to expose for public comment a proposal for an auditor’s reporting model that would provide auditors of nonpublic companies an option for sharing more about the information they discover during an audit.

The ASB’s proposed, updated auditor’s reporting model would be similar to the new model used by the IAASB. The ASB’s objective is to increase informational value of the report by including more information about the audit. In addition, the ASB intends for the new model to increase the relevance of the auditor’s report.

Under the proposal, the ASB model would not require auditors of non-issuers to communicate key audit matters in the auditor’s report, but would permit auditors to be engaged to report on key audit matters. And the auditor would be required to communicate key audit matters only if the auditor and the entity agree in the engagement letter that key audit matters will be reported.

Review the article on the Journal of Accountancy's website and the agenda material of the AICPA ASB July 2017 meeting on the AICPA's website.

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