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AICPA issues SAS 129

  • AICPA (American Institute of CPAs) Image

Jul 28, 2014

The AICPA’s Auditing Standards Board has published Statement on Auditing Standards No. 129, "Amendment to SAS No. 122 Section 920, Letters for Underwriters and Certain Other Requesting Parties, as Amended" (AICPA, Professional Standards, AU-C sec. 920). The AICPA issued the new guidance to address unintended changes in practice as a result of its clarity project.

The guidance amends or clarifies various requirements related to the responsibilities of auditors engaged to issue “comfort letters” to parties that have requested them related to nonissuer financial statements in a registration statement or other securities offerings.

SAS 129 is effective for comfort letters issued on or after December 15, 2014. The AICPA encourages early implementation.

For more information, see the SAS 129 executive summary on the AICPA’s Web site.

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