Statement of Auditing Standards

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Statement of Auditing Standards

A decision by the Auditing Standards Board providing information on how to conduct an audit. The Board's decisions are authoritative; auditors generally must abide by them. The Auditing Standards Board provides a uniform set of standards for conducting audits in the United States.
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* Auditing Standards Board exposure drafts, including recently issued proposed statements on defining professional requirements in statements on auditing standards (SASs) and in statements on standards for attestation engagements (SSAEs), as well as a proposed SAS on audit documentation, www.aicpa.org/members/div/ auditstd/2005_02_28_prof_req.asp.
* Members were provided with guidance on auditing fair value measurements and disclosures through two interpretations on statements on auditing standards. They can be found at www.aicpa.org/ download/auditstd/announce/Audit_Interpretations_Auditing_Fair_Val ue.pdf.
The AICPA Auditing Standards Board issued an exposure draft of proposed Statement on Auditing Standards (SAS), Defining Professional Requirements in Statements on Auditing Standards, and proposed Statement on Standards for Attestation Engagements (SSAE), Defining Professional Requirements in Statements on Standards for Attestation Engagements (www.aicpa.org/ members/div/auditstd/2005_02_28_prof _req.asp).
As part of its ongoing efforts to enhance the quality of audits, the Auditing Standards Board has exposed a suite of seven proposed statements on auditing standards relating to the auditor's risk assessment process.
The SOP (www.aicpa.org/members/div/acctstd/recent_issued.asp; see Official Releases, page 97) contains the task force's recommendations regarding the application of statements on auditing standards to audits of statements of social insurance prepared in accordance with FASAB standards.
All statements on auditing standards are conveniently organized so that the information can be located quickly and easily.
RESOLVED: That the auditing standards board shall establish under statements on auditing standards the responsibilities of members with respect to standards for disclosure of financial information outside of the financial statements in published financial reports containing financial statements.
Such services--which require independence under the AICPA professional standards--include aunts or reviews of financial statements, compilations of financial statements where a lack of independence is not disclosed and other attestation services as described in statements on auditing standards, statements on standards for accounting and review services and statements on standards for attestation engagements.
The expectations created by the Sarbanes-Oxley Act as well as recent statements on auditing standards (for example, SAS no.
Recent amendments to Statements on Auditing Standards nos.
Note: Statements on Auditing Standards are issued by the Auditing Standards Board, the senior technical body of the Institute designated to issue pronouncements on auditing matters.
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