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AICPA Finalizes Omnibus Statement on Auditing Standards

January 4, 2019

The American Institute of CPAs’ (AICPA) Auditing Standards Board (ASB) voted to issue a final version of its Statement on Auditing Standards, Omnibus Statement on Auditing Standards—2019 (PDF) to align its guidance more closely with that of the Public Company Accounting Oversight Board (PCAOB). The AICPA’s auditing standards are still followed by the auditors of many privately held businesses, but ever since the Sarbanes-Oxley Act of 2002 established the PCAOB in the wake of a string of accounting scandals like Enron and WorldCom, the Securities and Exchange Commission has required publicly traded companies to adhere to auditing standards set by the PCAOB. The ASB released the statement to harmonize its guidance with the PCAOB's SEC-sanctioned standards.