SAS No. 133, Auditor Involvement With Exempt Offering Documents, addresses the auditor’s responsibilities with respect to offerings of securities exempt from registration under the Securities Act of 1933 and to franchise offerings. AU-C section 925, Filings With the U.S. Securities and Exchange Commission Under the Securities Act of 1933, in AICPA Professional Standards addresses offerings of securities that are subject to registration under the Securities Act of 1933.
Prior to the issuance of SAS No. 133, the AICPA