Three substantive changes to the Clarified Auditing Standards

12/26/2012 | AICPA Insights

Three substantive changes in the Clarified Auditing Standards will affect every auditor, writes Michael Ramos, director of CPE and training for the AICPA. One change requires headings and specific language for each section of the auditor's report, another calls for an auditor who brings on a new client to conduct substantive audit work if he or she is going to rely on the opening balance, and a third change requires a renewed engagement letter for each year instead of relying on a pre-existing multiyear letter.

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