AICPA Offers Guide on Clarified Auditing Standards
The AICPA has gathered a complete set that consists of training courses as well as resources that can be accessed online, to assist auditors in implementing its new auditing related standards that come with a number of clarifications and will be effective from the month of December 2012. As part of its ‘Clarity Project’, the American Institute of Charted Professional Accountants’ Auditing Standards Board has been concentrating on redrafting almost all the sections on auditing included in the Codification of Statements on Auditing Standards that are included in the institute’s Professional Standards, in order to reflect the board’s clarity drafting related conventions that have been established and have been crafted to make it easy for the auditors to read, apply and understand.
Apart from this the GAAS has also been improved and now define the auditor’s objectives more clearly in addition to stating the requirements that the auditors need to comply with at the time of auditing as per Generally Accepted Auditing Standards clearly.
In an effort to redraft, the Auditing Standards Board has also converged the standards that have been clarified with the standards that has been issued by the International Auditing and Assurance Standards Board. Apart from one, all the other new standards will come into effect for the purpose of engagement starting after or on 15TH of December.
In order to assist the auditors in understanding the all new and clarified auditing related standards, the American Institute of Charted Professional Accountants has designed a Learning and Implementation Plan, which highlights numerous resources that are available and which include:
· Understanding Clarified Auditing Standards, which basically provides an introduction to the implications and background of the clarity related project alongside a chart of the alterations to the existing standards that would be implemented soon.
· The Clarified Auditing Standards where a panel comprising of auditing experts will provide answers to questions pertaining to the clarity related project and will also address several changes that the auditors today are experiencing even as they are implementing the auditing standards that have been clarified.
· The Engagement Letter: Best Practices and Examples, which provides a guide pertaining to drafting and preparing of client engagement related letters effectively.