AICPA Revises Auditing Standards to Conform to Recent Amendments

AICPA Revises Auditing Standards for Effective Date of SAS 132

The Auditing Standards Board (ASB) of the AICPA has issued revisions to certain auditing standards to conform to the effective date of Statement on Auditing Standards (SAS) No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern.

Issued in 2017, SAS 132 is effective for reviews of interim financial information for interim periods beginning after fiscal years ending on or after December 15, 2017.

Revised Standards

The revised sections include:

  • AU-C Section 800, Special Considerations—Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks; and
  • AU-C Section 930, Interim Financial Information.

Superseded and Removed Provisions

In addition, the ASB has removed certain superseded sections, including:

  • AU-C Section 570A, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern;
  • AU-C Section 9570A, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern – Auditing Interpretations of Section 570A; and
  • The appendix to AU-C Section 570 (as issued in 2017 and effective with SAS 132), The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern.

Also of interest: A Closer Look-Going Concern

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