Understanding the Clarified Auditing Standards - 2012 Audit Risk Alert American Institute of CPAs

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Understanding the Clarified Auditing Standards - 2012 Audit Risk Alert  by  American Institute of CPAs

Understanding the Clarified Auditing Standards - 2012 Audit Risk Alert by American Institute of CPAs
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With the release of Statement on Auditing Standards (SASs) Nos. 122-125, the Auditing Standards Board (ASB) has substantially completed its project to redraft all of the auditing sections in Codification of Statements on Auditing Standards (containedMoreWith the release of Statement on Auditing Standards (SASs) Nos. 122-125, the Auditing Standards Board (ASB) has substantially completed its project to redraft all of the auditing sections in Codification of Statements on Auditing Standards (contained in AICPA Professional Standards).

The issuance of the clarified standards reflect the ASBs established clarity drafting conventions designed to make the standards easier to read, understand, and apply. Among other improvements, the objectives of the auditor and the requirements with which the auditor has to comply when conducting an audit in accordance with generally accepted auditing standards (GAAS) are now specified more clearly.This Audit Risk Alert, Understanding the Clarified Auditing Standards, builds awareness and informs auditors of the changes and effects the clarified standards will have on audit practices and methodologies, including the changes that may affect the reports of certain audited financial statements.

This alert provides an introduction to the background and implications of the clarity project and presents a schedule mapping the existing standards to the clarified standards.The alert discusses the following in just the right amount of detail: the issuance of the clarified standards, how to prepare for the transition, and the summarized changes in requirements from SAS Nos. 1-121 to the clarified SASs.With a close look at the changes brought about by the new clarified standards, the auditor will be able to review the changes in a concise format and identify those areas that may affect their specific clients.

This alert highlights the changes from the existing standards and has been ordered to provide the auditor with a glimpse of those requirements that may need to be addressed early.



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