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Comment Letter - ASB’s proposal on audits of group financial statements


In our comment letter, we support the proposed Statement on Auditing Standards (SAS) issued by the AICPA Auditing Standards Board (ASB). We are especially supportive of the proposed amendments to clarify the interactions that are needed between the group auditor and component auditors. However, we recommend that the ASB converge its final standard with the Public Company Accounting Oversight Board (PCAOB) standards related to group auditor supervision of the auditors of an equity method investment and present the referred-to auditor requirements and application guidance together, in one section of the SAS or a separate SAS.

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