AICPA exposes drafts on attestation reviews, confirmations, strategy

ARTICLE | March 27, 2025

Authored by RSM US LLP

On February 27, 2025, the American Institute of Certified Public Accountants (AICPA) issued exposure drafts for Proposed Statement on Standards for Attestation Engagements (SSAE), Scope Limitations in a Review Engagement, and Proposed Statement on Auditing Standards (SAS), External Confirmations. On March 14, 2025, the AICPA released a draft of the Auditing Standards Board’s (ASB) Proposed ASB Strategic Plan 2026-2030. The AICPA is requesting comments from stakeholders to these proposed standards and strategic plan.

Proposed SSAE: Scope Limitations in a Review Engagement

The exposure draft for the proposed SSAE permits practitioners to issue a qualified conclusion or disclaim a conclusion due to a scope limitation in an attestation review engagement. The revisions are a response to potential practice issues related to recent regulations and performance of attestation review engagements over sustainability reporting.

If approved as a final standard, the proposed SSAE would become effective for practitioner’s attestation review reports dated on or after December 15, 2026, with early application permitted.

Comments on the proposed SSAE are due May 30, 2025.

Proposed SAS: External Confirmations

The exposure draft for the proposed SAS would primarily amend AU-C section 505, External Confirmations. In addition, the SAS would amend AU-C section 330, Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained, and AU-C section 500, Audit Evidence, among others. The proposed SAS better aligns generally accepted auditing standards with the Public Company Accounting Oversight Board’s (PCAOB) AS 2310, The Confirmation Process.

The proposed SAS includes the following amendments:

• A new requirement to confirm cash and cash equivalents
• Clarifying direct access to information
• A new requirement when using an intermediary
• Clarifying reliability of responses to confirmation requests

If approved as a final standard, the proposed SAS would become effective for audits of financial statements for periods ending on or after December 15, 2027, with early application permitted.

Comments on the proposed SAS are due June 30, 2025.

Proposed ASB Strategic Plan 2026–2030

The ASB is the senior committee of the AICPA designated to issue audit, attestation and quality management standards related guidance for audit engagements of nonissuers and attestation engagements. The proposed strategic plan articulates the ASB’s mission and the keys to meeting it; the opportunities and challenges, including the most significant factors driving its strategy; and the strategic initiatives, to drive its planned strategic actions in responding to the current environment and anticipated future challenges.

Based on the success of the ASB’s current strategy indicated by their outreach and monitoring activities, the ASB is proposing only incremental changes rather than a major shift in strategy.

Comments on the proposed strategic plan are due June 13, 2025.