For the last seven years, the AICPA Auditing Standards has worked on a project to clarify Statements on Auditing Standards. They have finally issued new rulings that should bring some clarity to audits. This is the first overhaul of of GAAP auditing standards since 1972. The new rulings go into effect for periods ending after December 14, 2012.

The project is a completer overhaul but wasn't charged with changing or creating requirements. It was supposed to clarify the existing rules to make is more consistent and simple. However, it will require significant learning from auditors.