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AICPA Rescinds Guidance on Prior-Period Audits

May 13, 2019

The American Institute of CPAs (AICPA) will delete Technical Question and Answer (TQA) 8100.03 from its literature by the end of May due to unintended misinterpretation. TQA 8100.03 stated that when reporting on an entity's prior-period financial statements, the auditor should use, in their entirety, the auditing standards and form of the auditor’s report that are in effect at the time the audit is performed — unless an auditing standard provides transitional guidance regarding its implementation. Read more at the Journal of Accountancy.