18 February 2020 - Article
The American Institute of CPAs (AICPA) recently issued Statement of Auditing Standards (SAS) No. 133, which provides guidance to auditors preparing reports that are included in disclosure documents for offerings that are exempt from registration with the SEC or for franchise offerings regulated by the Federal Trade Commission or relevant state laws. AICPA guidance previously addressed auditor responsibilities with respect to municipal securities offerings, but did not address a wider range of exempt offerings of securities. The new SAS No. 133 clarifies auditor responsibilities by expanding AICPA's guidance to apply to all exempt offerings and franchise offerings. The new standards will apply to offering documents that are distributed on June 15, 2018 or later. For more information, see http://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/SAS_133.pdf.