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In the United States, the Public Company Accounting Oversight Board develops standards (Auditing Standards or AS) for publicly traded companies since the 2002 passage of the Sarbanes-Oxley Act however, it adopted many of the GAAS initially. Generally Accepted Auditing Standards (GAAS) since 1972. This is referred to as the Clarity Project, which began back in 2004 and is the first complete redrafting and recodification of U.S. However, in 2012 the Clarity Project significantly revised the standards and replaced AU Section 150 with AU Section 200, which does not explicitly discuss the 10 standards. The Auditing Standards Board (ASB) has redrafted almost all of the auditing standards in an attempt to make them easier to read, understand, and apply. Typically, the first number of the AU section refers to which standard applies. In the Work Plan, the IAASB anticipates standard-setting projects on going concern, fraud, and audit evidence, and work to address the needs of auditors of.
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These standards are issued and clarified Statements of Accounting Standards, with the first issued in 1972 to replace previous guidance. i The Clarity Project involves the redrafting and recodification of the current Statements on Auditing Standards to converge them with the International. the clarity of its International Standards on GAAS PROJECT Auditing (ISAs). In the United States, the standards are promulgated by the Auditing Standards Board, a division of the American Institute of Certified Public Accountants (AICPA).ĪU Section 150 states that there are 10 standards: 3 general standards, 3 fieldwork standards, and 4 reporting standards. The International Accounting Education Standards Board IAESB (International. THE AICPA's CLARITY PROJECTS AUDITING STANDARDS Following the creation of the Public Company Accounting Oversight Board (PCAOB), the AICPA's Auditing. Several organizations have developed such sets of principles, which vary by territory.