The Auditing Standards Board's Clarity Project redrafted all of the auditing sections in Codification of Statements on Auditing Standards, resulting in SAS Nos. 122-125. They are effective for engagements to audit financial statements for periods ending on or after December 15, 2012.
Developed to assist you in the implementation process, the Clarified Auditing Standards Toolkit explains the key points of the new standards in detail, gives examples of how the work on your desk could change, and provides specific considerations to keep in mind from the perspective of both the auditor and client.
Prepared by the AICPA's Private Companies Practice Section (PCPS), the Toolkit provides you with the resources to:
Educate your staff on the changes,
Communicate the changes to your clients, and
Apply the new standards in your financial statement audits.
The ready-to-use tools include:
Learning and implementation plan
Staff training PowerPoint presentation
Sample client communication letter
Sample newsletter/website copy
Client Considerations Evaluation Worksheet
Overview of significant changes
List of AU-C Sections cross-referenced to list of AU Sections
PCPS members receive the Toolkit for free with their membership.
Visit www.aicpa.org/pcps to learn more.