Clarified auditing standards will be in effect for calendar year 2012 audits. However, because the changes impact engagements at all phases, you’ll need to get a start on implementation before engagement planning takes place.
PCPS members have access to a free toolkit to guide firms through the implementation process with resources to help explain the changes to your staff and clients. The toolkit also includes a guide to the new standards with sample reports, a staff training PowerPoint and templates for client communications. Learn more about PCPS and the other resources available to help your firm.