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AICPA proposes amendments to guidance on auditor’s report

  • AICPA document Image

Aug 17, 2015

The AICPA’s Auditing Standards Board has issued a proposed SAS that would amend the guidance in AU-C Section 700, “Forming an Opinion and Reporting on Financial Statements.”

The proposed amendments would include the following:

  • Clarification that auditors who conduct audits under PCAOB standards, when those audits are not within the PCAOB’s jurisdiction, must also comply with GAAS.
  • A requirement stipulating that “when the auditor plans to refer to the standards of the PCAOB in addition to GAAS in the auditor’s report, the auditor should use the report layout and wording specified by the auditing standards of the PCAOB, amended to indicate that the audit was also conducted in accordance with GAAS.”

In addition, the proposal would (1) include application material containing examples of entities outside the PCAOB’s jurisdiction and (2) add a new illustration to the exhibit “Illustrations of Auditor’s Reports on Financial Statements.”

Comments on the proposed SAS are due by September 30, 2015. For more information, see the proposal on the AICPA’s Web site.

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