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Auditing Standards Board Update

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Auditing Standards Board Update. Presented by: Chuck Landes, CPA. clandes_at_aicpa.org ... Take lead in setting standards for entities not subject to SOX or rules ... – PowerPoint PPT presentation

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Title: Auditing Standards Board Update


1
Auditing Standards Board Update
  • Presented by
  • Chuck Landes, CPA
  • clandes_at_aicpa.org

2
Evolution of Regulatory Environment
Regulators Control With Significant
Participation by Profession
Federal and State-Regulated Profession
Substantially Self-Regulated Profession
Control But With Significant Participation by
Regulators
Advocate
Control
3
ASB Strategy
  • Take lead in setting standards for entities not
    subject to SOX or rules of the SEC
  • Lead and lag
  • Work cooperatively with GAO and PCAOB to achieve
    consistent, high quality auditing standards
  • Mirror standards where possible
  • Coordinating forum between ASB, GAO and PCAOB
  • Identify areas where standards and guidance are
    needed to improve audit practice
  • But.we need to balance the costs with the
    benefits

4
Coordinating Forum
  • A forum for PCAOB, GAO and the ASB to work
    together to coordinate auditing standards
  • Expected to meet at least 3 times per year
  • Tech staff to meet more frequently on agendas and
    project coordination
  • GAO host for 1st meeting on March 18

5
Composition of New ASB
  • AICPA Board of Directors Approved ASB
    reconstitution plan at September 2003 Board
    Meeting
  • Reconstituted ASB will
  • Focus on audits of non-public entities
  • Add state board representation
  • Add non firm membership and user perspective
  • Create an advisory council to help identify
    issues and areas for improvement

6
Composition of New ASB
7
Decision Making Process for Auditing a
Non-Issuers
8
ASB Reporting Interpretations
  • Provide illustrative report language to clarify
    that generally accepted auditing standards are
    promulgated by the ASB
  • Provide illustrative report language on how to
    report on following both sets of standards.
    Model similar to GAO and international reporting
  • Provides illustrative reporting language to make
    certain that user does not infer that audit
    includes an audit and report on internal control.

9
ASB Projects and Activities
  • Risk Assessment
  • Internal Control
  • SAS 60
  • AT 501
  • Use of a Specialist
  • Audit Documentation
  • Auditors Report
  • Interpretations dealing with auditing a
    non-issuer in accordance with PCAOB standards
  • New project to look at required reporting
    elements

10
Other ASB Projects and Activities
  • Q.C. Task Force
  • Revise nonauthoritative Q.C. guidance
  • Revisit Q.C. standards
  • Anti-fraud Programs and Controls
  • SAS 74 revisions
  • Attest interpretations to incorporate GAO
    revisions
  • PITF Projects
  • Illegal Acts
  • Audit issues regarding FIN 46
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