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AICPA proposes amendments to SAS 122

  • AICPA (American Institute of CPAs) Image

Feb 13, 2014

The AICPA’s Auditing Standards Board (ASB) has issued a proposed Statement on Auditing Standards (SAS), “Amendment to Statement on Auditing Standards No. 122, Statements on Auditing Standards: Clarification and Recodification, Section 920, Letters for Underwriters and Certain Other Requesting Parties, as Amended.” The proposed SAS addresses guidance in AU-C Section 920 that created unintended changes in practice after it was redrafted as part of the ASB’s Clarity Project.

In addition, the ASB provided a supplemental document that shows the proposed amendments to AU-C Section 920 as a whole.

Comments are due by April 15, 2014.

For more information, see the proposed SAS and supplemental document on the AICPA’s Web site.

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