AICPA Proposes Amendments Related to the Definition of Materiality

The AICPA’s Auditing Standards Board (ASB) has issued an exposure draft (ED) of a proposed Statement on Auditing Standards (SAS) and a proposed Statement on Standards for Attestation Engagements (SSAE) that would “align the materiality concepts discussed in AICPA Professional Standards with the definition of materiality used by the U.S. judicial system, the auditing standards of the PCAOB, the U.S. Securities and Exchange Commission (SEC), and the Financial Accounting Standards Board.”

Comments on the proposed SAS and proposed SSAE are due by August 5, 2019. For more information, see the ED on the AICPA’s Web site.