ASB Issues Exposure Drafts for Revisions to SAS No. 116
July 21, 2010
The Auditing Standards Board has issued two Proposed Statements on Auditing Standards:
Revised Applicability of Statement on Auditing Standards No. 116, Interim Financial Information, to amend paragraph .05 of AU section 722, Interim Financial Information, in AICPA Professional Standards to include engagements when the auditor expects that a new auditor may be appointed for the current year, but such appointment is not effective prior to the beginning of the period covered by the review; and Interim Financial Information (Redrafted), resulting from its Clarity Project. This latter proposed SAS would supersede AU section 722 (SAS No. 116) in AICPA Professional Standards. Comments are due October 8.