AICPA Issues Proposed SAS on Going Concern
7/11/2016
NSAA
NSAA Seeks Member Input by August 17
Monday, July 11, 2016
by: NSAA

Section: NSAA




The Auditing Standards Board of the American Institute of Certified Public Accountants has released for comment an exposure draft of a proposed Statement on Auditing Standards entitled The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern. This proposed SAS would supersede SAS No. 126 and would amended SAS 122. It can be found on the AICPA's website. 
 
The ASB is seeking your response to the issue for consideration (on page 7 of the ED) regarding the applicability of AU-C section 570 to audits of single financial statements and specific elements, accounts, or items of a financial statement, and is also interested in any other comments you may have on the exposure draft.
 
To assist respondents in identifying changes, a matrix document which compares the proposed SAS to both ISA 570 (revised) and the existing AU-C section 570 can also be found at the link above. This matrix is for informational purposes only and is not part of the exposure draft.
 
Through the Audit Standards and Reporting Committee, NSAA will be responding to this exposure draft. In order to meet the ASB’s comment deadline of September 5, 2016, please send your comments to Sherri Rowland by Wednesday, August 17, 2016.

 
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