Accounting Commons^™

Proposed Statement On Auditing Standards And Statement On Standards For Attestation Engagements : Audit Documentation;Audit Documentation; Exposure Draft (American Institute Of Certified Public Accountants), 2001, June 27, American Institute Of Certified Public Accountants. Auditing Standards Board, American Institute Of Certified Public Accountants. Audit Documentation Task Force

Exposure Drafts, Comment Letters, and Statements of Position

The proposed Statement on Auditing Standards (SAS) provides an updated framework within which the auditor can exercise professional judgment in determining the nature and extent of audit documentation needed to comply with professional standards. The guidance in the current documentation standard, which is SAS No. 41, Working Papers (AICPA, Professional Standards, vol. 1, AU sec. 339), has not been significantly changed since September 1967. Given the changes in the auditing environment in recent years, the Auditing Standards Board (ASB) undertook to develop guidance that would provide an updated framework for practitioners performing audits of financial statements. The proposed SAS and …