Overview
In our comment letter, we generally support the efforts of the AICPA’s Auditing Standards Board (ASB) to better align the form and content of the auditor’s report on the subject matters covered by AU-C sections 725, 730, 930, 935, and 940 with the recently issued guidance in SAS No. 134. We also support the proposed amendments to AU-C section 935 to align the definition of material noncompliance with the description of materiality in SAS No. 138 and to revise the standard for recent developments in the compliance arena. However, we believe some proposed amendments require clarification.
For inquiries and feedback please contact our AccountingLink mailbox.
