AICPA Professional Standards

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Updated as of June 1, 2018, Professional Standards is your comprehensive source of professional standards and interpretations issued by the AICPA, such as auditing and attestation, accounting and review services pronouncements, along with the AICPA Code of Professional Conduct and Bylaws. Standards and related interpretations, to help you apply the standards in specific circumstances, are arranged by subject with amendments noted, superseded portions deleted, and conforming changes reflected. This year's edition includes the following new standards:

  • Statement on Auditing Standards (SAS) No. 133, Auditor Involvement With Exempt Offering Documents
  • Statement on Standards for Accounting and Review Services (SSARS) No. 24, Omnibus Statement on Standards for Accounting and Review Services—2018
  • Statement of Position (SOP) 17-1, Performing Agreed-Upon Procedures Related to Rated Exchange Act Asset-Backed Securities Third-Party Due Diligence Services as Defined by SEC Release No. 34-72936

SAS No. 133 addresses the auditor's responsibilities with respect to all exempt offerings of securities undertaken pursuant to federal and state securities laws and similar laws governing franchise offerings. AU-C section 925, Filings With the U.S. Securities and Exchange Commission Under the Securities Act of 1933, addresses other offerings. Prior to the issuance of SAS No. 133, the AICPA provided best practices specific to issuances of municipal securities in industry-specific auditing guidance appearing in AICPA Audit and Accounting Guides State and Local Governments and Health Care Entities.

Of most significance in SSARS No. 24 is the creation of a new section, AR-C section 100, Special Considerations—International Reporting Issues. This section provides requirements and guidance for an accountant who is engaged to perform a compilation or review when (a) the financial statements have been prepared in accordance with a financial reporting framework generally accepted in another country or (b) the compilation or review is to be performed in accordance with both SSARSs and another set of compilation or review standards.

Additional changes to this year's publication include the following:

  • Amendments to reflect the effective dates of SAS No. 132, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern, and SAS No. 133
  • Amendments to AR-C sections 60 and 90 resulting from the issuance of SSARS No. 24
  • One new auditing interpretation
  • Revisions to definitions and ethics interpretations in the Code of Professional Conduct

Professional Standards includes these standards and sections:

  • Auditing standards and interpretations
  • Attestation standards and interpretations
  • Accounting and review standards and interpretations
  • Quality control standards
  • Statements of Position—accounting, auditing and attestation
  • AICPA Code of Professional Conduct
  • AICPA bylaws
  • Valuation services standards and interpretations
  • Consulting services standards
  • Peer review standards and interpretations
  • Tax services standards and interpretations
  • Policies for the CPE membership requirement and CPE standards

Key Features & Benefits

  • SAS No. 133 addresses the auditor's responsibilities with respect to offerings of securities exempt from registration under the Securities Act of 1933 and to franchise offerings
  • SSARS No. 24 creates a new section related to international reporting issues
  • SSARS No. 24 also amends AR-C sections 60 and 90 to harmonize the requirements and guidance regarding the accountant's consideration of going concern in a review of financial statements with the corresponding requirements and guidance in AU-C section 930, Interim Financial Information
  • SOP 17-1 provides guidance to practitioners regarding the application of SSAEs to agreedupon procedures attestation engagements related to third-party due diligence services performed in connection with rated asset-backed securities issued in accordance with the Securities Exchange Act of 1934

Who Will Benefit

  • Practitioners performing attestation engagements
  • Practitioners performing preparation, compilation, and review services


Get even more value with the AICPA Professional Standards and Technical Practice Aids Set or the Audit & Accounting Bundle. These unique bundles offer a full range of applicable content to meet your accounting and auditing needs. Follow the links above for more details.

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About the Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.