(Discussion in a previous post is moved into this new post because the old post wasn’t displaying correctly based on feedback I’ve received.)
Time to start thinking about the big changes to audit rules that go into effect for our 12-31-12 audits.
The AICPA has a good roadmap in the May 2012 Journal of Accountancy: Auditing transition
Familiarize yourself with the clarified standards, including the application material, appendices, and exhibits
Read the summary of changes between the clarified standards and the extant standards,
Identify the timing for transitioning to the clarified standards for each engagement.
Review your client base to determine which clients will be affected first.
Update your firm guidance and methodology.
The AICPA has a web page listing various resources available to describe the new standards. There are a number of video presentations along with text documents. Several printed resources are available.
Check out Improving the Clarity of Auditing Standards.