Auditing and attestation, accounting and review services pronouncements, the AICPA Code of Professional Conduct and bylaws — you'll find it all in this comprehensive source.
We arranged the standards and related interpretations by subject with amendments noted, superseded portions deleted and conforming changes reflected, so it's easier to apply the standards in your specific circumstances.What's new as of June 1, 2018
This year's edition includes these new standards:
Statement on Auditing Standards (SAS) No. 133, Auditor Involvement With Exempt Offering Documents
SAS No. 133 addresses the auditor's responsibilities with respect to all exempt offerings of securities undertaken pursuant to federal and state securities laws and similar laws governing franchise offerings.
AU-C section 925, Filings With the U.S. Securities and Exchange Commission Under the Securities Act of 1933, addresses other offerings.
Prior to the issuance of SAS No. 133, the AICPA provided best practices specific to issuances of municipal securities in industry-specific auditing guidance. You can find it in the AICPA Audit and Accounting Guide for State and Local Governments and for Health Care Entities.
Statement on Standards for Accounting and Review Services (SSARS) No. 24, Omnibus Statement on Standards for Accounting and Review Services—2018
Of most significance in SSARS No. 24 is the creation of a new section, AR-C section 100, Special Considerations—International Reporting Issues.
This section provides requirements and guidance for an accountant who is engaged to perform a compilation or review when:
(a) the financial statements have been prepared in accordance with a financial reporting framework generally accepted in another country, or
(b) the compilation or review is to be performed in accordance with both SSARSs and another set of compilation or review standards.
Statement of Position (SOP) 17-1, Performing Agreed-Upon Procedures Related to Rated Exchange Act Asset-Backed Securities Third-Party Due Diligence Services as Defined by SEC Release No. 34-72936
Additional updates in this year's publication include: