The American Institute of CPAs’ Auditing Standards Board has mapped out what it calls a “public-interest focused work plan” through the end of 2027, with projects ranging from an updated standard on fraud to targeted changes related to audit confirmation procedures.
Both the standard-setting board’s 2026-27 Work Plan and its list of strategic priorities for the next five years are available for review on the AICPA website.
Major projects include:
- A standards update, expected to be finalized in the third quarter of this year, that addresses the significant public interest in strengthening and clarifying the auditor’s responsibilities when fraud or suspected fraud is identified.
- An initiative to update core attestation standards and address increasing demand for emerging areas of practice, including sustainability assurance. An exposure draft, Proposed Statement on Standards for Attestation Engagements: Common Concepts, Examination Engagements, Review Engagements, and Engagements to Report on Sustainability Information, is now available for comment.
- Proposed requirements and guidance related to confirmations in financial statement audits, including changes to address the ability to obtain information from a knowledgeable external source. The ASB is expected to vote on this proposal at its May meeting.
- An assessment and potential targeted amendments to the existing going concern standard, with the goal of considering whether additional alignment with a recent international standard update is necessary while retaining important jurisdictional elements. Depending on the outcome of the ASB’s deliberations, a draft proposal could be released for public comment by the end of the year.
- Ongoing consideration of guidance that may be required to encourage the effective and appropriate use of technology, such as generative AI and agentic AI, as well as technology-enabled tools, such as data analytics, to promote audit quality.
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As part of its routine work, the ASB said it will also be monitoring relevant standard-setting activities of the International Auditing and Assurance Standards Board and Public Company Accounting Oversight Board for consideration of related projects and alignment.
“The ASB is focused on updating standards and guidance to help practitioners deliver quality engagements and to maintain the relevancy of the standards in a changing environment,” AICPA Chief Auditor Jennifer Burns said in a statement on March 2.
The board’s objectives in its 2026-2030 Strategic Priorities Plan are to:
- Develop high-quality standards in the public interest.
- Enhance communications with stakeholders.
- Think and operate strategically.
- Keep standards relevant in a changing environment.
- Support the effective implementation and application of standards.
More information about the ASB can be found on its resource page.
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