Delay in effective date for all of the rewritten, clarified auditing standards

The Auditing Standards Board is in the process of rewriting all of the Statements on Auditing Standards. They are using a new format for all the clarified and redrafted statements.  The effective date was previously scheduled for periods ending on or after December 15, 2010.  The ASB has moved the effective date back to periods ending on or after December 15, 2012.  Don’t know about you, but I always have to translate the effective date.  This means the entire audit literature will be revised for December 31, 2012 financial statements.  We will first see this in the field work during January or February 2013.  One of the places this new effective date can be seen is here.

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