AICPA to propose changes to attestation standards

The American Institute of CPAs’ Auditing Standards Board will soon be proposing a set of updates to its attestation standards to address sustainability information and other emerging assurance issues.

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The ASB plans to post an exposure draft online on Feb. 26 and solicit feedback on the proposed changes, the AICPA announced Thursday. The length of the comment period will be determined later, but it’s expected to last at least 120 days once the document is posted. 

The proposed updates will deal with newer areas of assurance that go beyond traditional auditing services, such as sustainability (and may eventually also include assurance on digital assets, cybersecurity, governance and related controls). 

The exposure draft will include updates to the ASB’s baseline attestation standards to address evolving practices, along with two new AT-C sections related to engagements to report on sustainability information.

The updated standards are coming even as accounting and auditing firms are being urged by top officials at the Securities and Exchange Commission to avoid getting involved heavily in sustainability and environmental issues.

The AICPA anticipates adoption of the updates will happen next year, once revisions have been made after the comment period and subject to the ASB’s further deliberation. The exposure draft will be available on the AICPA’s resource page for comments on proposed standards by the end of the month.