However, in response to user requests, the AU-C identifier will be retained indefinitely. The 'AU-C' identifier had been scheduled to revert back to the AU identifier at the end of 2013, by which time the previous sections would be superseded for all engagements. The AICPA developed a Learning and Implementation Plan to prepare for the transition, as well as additional information, including transition guidance and training, located in the Financial Reporting Center.Īs part of the clarity project, the 'AU-C' identifier was established to avoid confusion with references to existing 'AU' sections. Although the purpose of redrafting the auditing standards is for clarity and convergence and not to create additional requirements, auditors will need to make some adjustments to their practices as a result of this project. These sections now reflect the ASB’s established clarity drafting conventions designed to make the standards easier to read, understand, and apply.Īmong other improvements, generally accepted auditing standards (GAAS) now more clearly states the objectives of the auditor and the requirements with which the auditor has to comply when conducting an audit in accordance with GAAS.Īs the ASB redrafted the standards for clarity, it also converged the standards with the International Standards on Auditing (ISAs), issued by the International Auditing and Assurance Standards Board (IAASB). The Auditing Standards Board (ASB) has redrafted all of the auditing sections in Codification of Statements on Auditing Standards (contained in AICPA Professional Standards).

Generally accepted auditing standards