The AICPA Auditing Standards Board (ASB) voted Thursday, Feb. 13, to approve two separate exposure drafts for public comment.
The exposure draft of the Proposed Statement on Standards for Attestation Engagements, Scope Limitations in a Review Engagement will feature proposed revisions to AT-C Section 210, Review Engagements, in the AICPA Professional Standards.
The proposed draft would amend AT-C Section 210 to permit the issuance of a qualified conclusion or a disclaimer of conclusion in an attestation review when a scope limitation exists.
The exposure draft of Proposed Statement on Auditing Standards, External Confirmations will propose changes to AU-C Sections 330, Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained; 500, Audit Evidence; and 505, External Confirmations, among other sections in the AICPA Professional Standards.
The ASB believes that the proposed amendments will enhance audit quality for audits of financial statements of non-issuers.
ASB expects to issue the two exposure drafts later this month or in early March. The comment period will end no earlier than 90 days from issuance. Learn more.