Proposed SAS, Filings With The U.S. Securities And Exchange Commission Under The Securities Act Of 1933

The AICPA Auditing Standards Board has issued another proposed SAS in its Clarity Project. The Proposed SAS, Filings With The U.S. Securities And Exchange Commission Under The Securities Act Of 1933 supersedes SAS No. 37, Filings Under Federal Securities Statutes, (AU sec. 711). The proposed SAS was issued June 1, 2010 with a comment period ending August 2, 2010. It is effective for audits of financial statements for periods ending on or after December 15, 2012.

You’ll recall that the ASB is converging its standards with the International Standard on Auditing (ISA) when an ISA corresponds to the proposed SAS. In the case of this proposed statement there is no ISA that corresponds to the proposed SAS.

As with many of the “clarified” statements this proposed SAS does not change or expand the SAS it supersedes in any significant respect. It does reflect a more principles-based approach to standard setting, so certain requirements that are duplicative of broader requirements in SAS No. 37 have been moved to application and other explanatory material.

You might find the ASB staff prepared supplementary material on this proposed SAS useful. It compares the proposed SAS with AU Section 711 and 9711 and is available on the AICPA website at www.aicpa.org/InterestAreas/AccountingAndAuditing/Resources.

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