Wiley Practitioner's Guide to GAAS 2015: Covering all SASs, SSAEs, SSARSs, PCAOB Auditing Standards, and Interpretations

PREFACE

The AICPA's Clarity Project

Background

Following the creation of the Public Company Accounting Oversight Board (PCAOB), the AICPA's Auditing Standards Board (ASB) reassessed its mission. The ASB developed a plan to converge US generally accepted auditing standards (GAAS) with the International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB). Thus, the ASB's Clarity Project began work to:

• Redraft the auditing standards for clarity—to make the standards easier to read, understand, and apply
• Converge US standards with the ISAs

The ASB has completed its project. While clarity and convergence, not change, were the goals of the Clarity Project, the Project did create some changes that require auditors to make changes in practice. For ease of use this book arranges information according to the sections of the AICPA's auditing standards codification.

Format of the Clarified Standards

To align with the IAS format and to provide clarity for auditors, each of the clarity standards presents requirements in this format:

• Introduction—explains the purpose and scope of the standard
• Objectives—defines the context in which the requirements are set
• Definitions—explains, where relevant, specific terms
• Requirements—what the auditor must do to meet the objectives of the standard
• Application and Other Explanatory Matters—provide further guidance for carrying out the requirements of the standard

Where relevant, the standards may ...