In conjunction with its efforts to clarify generally accepted auditing standards for audits of nonpublic companies and to converge such standards with International Standards on Auditing, the Auditing Standards Board of the American Institute of Certified Public Accountants recently issued a proposed Statement on Auditing Standards (SAS), Filings with the U.S. Securities and Exchange Commission under The Securities Act of 1933, which, if finalized, would supersede SAS No. 37, Filings Under Federal Securities Statutes. The proposed SAS does not change or expand SAS No. 37 in any significant respect; however, to reflect a more principles-based approach to standard setting, certain requirements that are duplicative of broader requirements have been moved to application and other explanatory material.
The proposed SAS addresses the auditor's responsibilities in connection with financial statements of a nonissuer included in a registration statement filed with the SEC under The Securities Act of 1933, as amended. If finalized, the proposed SAS would be effective for audits of financial statements for periods ending on or after December 15, 2012.
The proposed SAS is available for comment until August 2, 2010 |
