AICPA Announces Plans to Clarify Audit Standards

Charles Landes, VP of Professional Standards at the American Institute of CPAs, recently announced a two-to-three year project to revise standards by making them more understandable and less complex. The revised standards will have requirements distinct from application text, at least one specific objective and the same effective date. Additionally, the AICPA is considering changing some standards to reduce differences with International Standards of Auditing.

Improved understandably and clarity is almost always a good thing (Hint, hint--Congress and the Internal Revenue Code). Best wishes to the AICPA on this project.