Three exposure drafts issued; comments due this month.

• Position: Accounting & auditing news

The AICPA's Auditing Standards Board recently issued three exposure drafts. All of them have comment deadlines during Sept.

A proposed statement on quality control standards, A Firm's System of Quality Control, would supersede all existing SQCSs. The proposed SQCS establishes standards and provides guidance for a CPA firm's responsibilities for its system of quality control for its accounting and auditing practice. It describes elements of quality control and other matters essential to the effective design, implementation and maintenance of the system. The proposed SQCS also sets forth the meaning of certain terms used in SQCSs issued by the ASB in describing the professional requirements imposed on firms and practitioners-in-charge. Comments are due Sept. 30.

Also issued for exposure was a proposed statement on auditing standards entitled Omnibus 2006. The Omnibus includes proposed revisions to existing SASs that have been accumulated over a period of time. Comments are due Sept. 15.

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