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February 6, 2023

AICPA Will Pass “Old” GAAS on the CPA Exam in 2014

Well look at that, you guys got all worked up over the Clarity Project and now you have this to worry about.

From the AICPA:

Beginning in 14Q1, the extant standards (AUs) will no longer be tested on the AUD section of the Uniform CPA Examination.

The clarified U.S. Auditing Standards (the AU-Cs), issued by the Auditing Standards Board in 2012, are effective for audits of financial statements for periods ending on or after December 15, 2012. These clarified standards became eligible for testing on the Uniform CPA Examination beginning in 13Q3. At present, the pre-clarified standards, otherwise known as the extant standards (AUs), remain in effect and are also eligible for testing on the Uniform CPA Examination.

On January 1, 2014, the AICPA plans on suspending publication of the extant standards (AUs). This follows the normal timeline, where publication is stopped approximately one year after a new standard is issued. Beginning in 14Q1, the extant standards will no longer be tested on the CPA Exam. The clarified U.S. Auditing Standards (AU-Cs) will remain eligible for testing.

So this basically means one of two things:

A) You passed AUD already because you didn't want to deal with the clarified standards OR

B) you're going to drag your heels, end up taking it in 2014 and pester your review course for updates because you wasted all this time.

TL;DR: AUs are out, AU-Cs are in. Prepare accordingly.

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