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AICPA proposes amendments to going-concern guidance

  • AICPA document Image

Jul 08, 2016

The AICPA’s Auditing Standards Board has issued a proposed Statement on Auditing Standards (SAS) that would supersede the guidance in SAS No. 126, “The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern,” and amend various sections of SAS No. 122, “Statements on Auditing Standards: Clarification and Recodification.”

The proposal is part of an effort to converge the AICPA’s guidance with the IAASB’s International Standards on Auditing. The amendments would affect:

  • “Audits of special purpose frameworks and audits of single financial statements and specific elements, accounts, or items of a financial statement.”
  • “Interim financial information.”

Comments on the proposed SAS are due by September 5, 2016. For more information, see the proposal on the AICPA’s Web site.

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