Free Resource: Clarified Auditing Standards Snapshot Overview
The Clarified Auditing Standards go into effect December 15, 2012, and therefore impact calendar year 2012 audits. Changes in the new standards affect engagements at all phases, so CPA firms need to be ready and start implementation before engagement planning takes place. The AICPA's Private Companies Practice Section (PCPS) has created a free snapshot overview for CPAs, summarizing the clarified standards and outlining key changes in terminology, and a free learning and implementation plan to help firms navigate the transition to the new standards. For more information on the clarified standards, visit the AICPA's Financial Reporting Center.