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Checkpoint Contents
Accounting, Audit & Corporate Finance Library
Editorial Materials
Audit and Attest
Clarified Auditing Standards
Chapter 1 Introduction
100 The Clarified Standards
100
The Clarified Standards
100.1 The term clarified standards refers to the recodified Statements on Auditing Standards. The Auditing
Standards Board embarked some years ago on a project to converge GAAS with the international auditing
standards and, as part of that effort, to restructure the standards in a new format. The clarified standards are the
culmination of that undertaking.
100.2 The focus of this Guide is the clarified standards that became effective in 2012, SAS Nos. 122-127.
Planning and adaptation are necessary to implement the standards' comprehensive contribution to the literature
and practice. Other standards, SAS Nos. 117-121, can be characterized as “clarified” because they conform to
the new format, but they were already in effect and, presumably, have already been implemented.
100.3 The following standards are covered in this Guide:
• SAS No. 122, Clarification and Recodification.
• SAS No. 123, Omnibus SAS—2011.
• SAS No. 124, Financial Statements Prepared in Accordance with a Financial Reporting Framework
Generally Accepted in Another Country.
• SAS No. 125, Alert That Restricts the Use of the Auditor's Written Communication.
• SAS No. 126, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern.
• SAS No. 127, Omnibus SAS—2013.
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100.4 SAS No. 122 comprises the bulk of the new literature. It supersedes most, but not all, of the existing
standards. There is precedent to the Auditing Standards Board's approach. In 1963, Statement on Auditing
Procedure No. 33 recodified and replaced the then-existing 32 standards. Nine years later, SAS No. 1 recodified
and replaced the auditing rules in effect, which at the time consisted of SAP Nos. 33-54. And almost 40 years
after that, SAS No. 122 replaces most of the existing standards. Of course, due to the ever-expanding universe of
standards, it is interesting to note that SAP No. 33 was about 90 pages long and SAS No. 1 ran about 200 pages.
SAS No. 122 alone is roughly 800 pages long.
100.5 SAS No. 123 contains technical corrections for consistency and clarity to five sections of SAS No. 122 and
to SAS Nos. 117 and 118.
100.6 SAS Nos. 124-126 revise sections of the existing standards that the Auditing Standards Board decided to
deal with outside of SAS No. 122. SAS No. 127 revises selected provisions of AU-C 600 (group audits) and AU-C
800 (reporting on special purpose frameworks).
100.7 After issuance of SAS No. 127, the standards applicable to audits of calendar year 2012 financial
statements are:
• SAS No. 65, The Auditor's Consideration of the Internal Audit Function in an Audit of Financial Statements.
(A proposed revised standard was tentatively approved for exposure in late 2012 but had not been exposed
as this Guide went to press.)
• SAS No. 117, Compliance Audits.
• SAS No. 118, Other Information in Documents Containing Audited Financial Statements.
• SAS No. 119, Supplementary Information in Relation to the Financial Statements as a Whole.
• SAS No. 120, Required Supplementary Information.
• SAS No. 122, Clarification and Recodification.
• SAS No. 124, Financial Statements Prepared in Accordance with a Financial Reporting Framework
Generally Accepted in Another Country.
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• SAS No. 125, Alert that Restricts the Use of the Auditor's Written Communication.
• SAS No. 126, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern.
• SAS No. 127, Omnibus SAS—2013.
Effective Date
100.8 SAS Nos. 122-127 are generally effective for audits of financial statements for periods ending on or after
December 15, 2012. Certain provisions that do not deal directly with audits, however, have different effective
dates, as follows:
• AU-C 220 on application of quality control is effective for GAAS engagements for periods ending on or after
December 15, 2012.
• AU-C 915 on reports on the application of a financial reporting framework is effective for engagements
ended on or after December 15, 2012.
• AU-C 920 on letters to underwriters and other requesting parties is effective for letters issued on or after
December 15, 2012.
• AU-C 930 on reviews of interim financial information is effective for interim financials for interim periods
beginning on or after December 15, 2012.
• SAS No. 125 on restricted use communications has two effective dates. For—
•• Written communications related to audits, it is effective at the same time as the other auditing
standards, which is for audits of financial statements for periods ending on or after December 15,
2012.
•• Other communications, it is effective for written communications issued on or after December 15,
2012.
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Practitioner Question: Can the clarified standards be implemented before the effective date?
Answer: The standards do not prohibit early implementation. In fact, they are silent on early implementation.
Historically, silence has been interpreted as allowing immediate implementation. This interpretation seems to be
endorsed in SAS No. 122 (AU-C 200.A59), which says an auditor is permitted to apply a new standard before its
effective date unless specifically prohibited. A practitioner who implements the standard before the effective date
does not have to implement it for all engagements; some could be done under the clarified standards, while
others wait for the specified effective date. However, the authors discourage early implementation of the clarified
standards because of the potential for confusion about which standards are being applied. This is consistent with
nonauthoritative guidance issued by the AICPA (see Clarity Project: Update and Final Products, dated January
2012, at www.aicpa.org), which indicates that early implementation is not appropriate because, for legal and
peer review reasons, it is important that it be very clear which standards are in effect.
Auditors who want to apply the clarified standards before the effective date, however, are not early adopting
unless they implement the entire standard. For example, use of the new guidance for group audits without
applying the new rules for terms of the engagement would not be implementing SAS No. 122 because the whole
standard would not have been applied. To the extent that new procedures required under the clarified standards
can be merely added to the procedures already being applied, nothing prevents the auditor from adding steps
that are not required by standards without actually adopting the new standard.
Section Numbers in Professional Standards
100.9 Typically, when a new standard replaces an existing standard but is not yet effective, both standards are
codified into professional standards using the existing AU number distinguished by the use of the suffix A. The
clarified standards take a different approach because of the extent of the revision and the Auditing Standards
Board's decision to conform the numbering system to that used for international auditing standards.
100.10 The new standards carry section numbers with the prefix AU-C while the existing literature continues to
use the AU designation. This is a temporary solution. In 2014, the AU-C reference numbers will change to the
standard AU series and the existing AU series will disappear.
100.11 The reference numbers used in this Guide are those found in AICPA Professional Standards as this
Guide went to print. SAS Nos. 124 and 125 are codified into AU-C 910 and 905, respectively. In addition, the
amendments in SAS Nos. 123 and 127 changed some of the paragraph numbers in SAS No. 122; the references
here are to the revised paragraph numbers. SAS No. 126 (going concern) replaced the guidance in SAS No. 59,
which had been placed in AU-C 570.
Format of Clarified Standards
100.12 The new standards take on a different look than that historically found in SASs. The format, which has
been used in the auditing standards since SAS No. 117, is far more structured than in the past. Each AU-C
section contains the following elements, to the extent they are relevant in the circumstances, in this order:
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Introduction
The introduction explains the scope, applicability, and purpose of the standard. It
does not create any requirements, but explains what situations are covered.
Effective date
Each section carries an effective date.
Objectives
The objectives describe what the requirements of a section are expected to
achieve. A standard is developed with the expectation that applying the required
procedures will fulfill the objective. But, the auditor is expected to meet the
objectives of the standard, even if that means applying procedures in addition to
those stated in the standard.
Definitions
Unique terms, if any, are defined in the definitions section. Not all AU-C sections
have a definitions section, but almost all do. Appendix 1B to this chapter is a
glossary of the terms defined in the clarified standards.
Requirements
The requirements delineate the mandated procedures and reporting with which the
auditor is expected to comply. All the text in this section is phrased in terms of
either unconditional (must) or presumptively mandatory (should) requirements.
The requirements do not provide commentary or background. To the extent such
information is provided, it is in the application guidance and is cross-referenced to
the applicable paragraph.
Application and other
explanatory material
This section, which carries the paragraph designation A (for example, AU-C
200.A63), provides commentary, context, and suggestions on how to apply the
requirements. Each paragraph, or group of paragraphs, is cross-referenced to the
requirement to which it relates (AU-C 200.A63 is cross-referenced to AU-C
200.19, for example). The application guidance does not create any new
requirements; it merely discusses those established in the requirements section,
sometimes providing information that clarifies the intent of the requirement.
Application guidance does not use the words must or should. The discussions
typically use the word may, which does not create any obligation on the auditor's
part. Nonetheless, the auditor is expected to understand the application guidance
in applying the requirements.
The application guidance often provides specific considerations for smaller, less
complex entities or governmental entities. It explains how to apply the
requirements to these entities, but does not change the requirements.
Appendixes
When included, an appendix to an AU-C section is part of the application
guidance. The purpose and intended use of an appendix is explained either in its
title or introduction or in the relevant AU-C section.
Exhibits
Exhibits are nonauthoritative. They provide examples and background
commentary. Illustrative reports are ordinarily presented in exhibits. In addition,
each AU-C section has an exhibit that compares the content of the SAS with its
international counterpart.
© 2013 Thomson Reuters/PPC. All rights reserved.
END OF DOCUMENT © 2013 Thomson Reuters/RIA. All rights reserved.
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Checkpoint Contents
Accounting, Audit & Corporate Finance Library
Editorial Materials
Audit and Attest
Clarified Auditing Standards
Chapter 1 Introduction
101 Highlights of Changes
101
Highlights of Changes
Terminology
101.1 Although much of the terminology familiar to practitioners has been retained, the clarified standards
introduce a number of new terms. This was done to conform with international terminology and to more clearly
describe the subject matter. Appendix 1B provides a complete glossary of clarified terminology.
101.2 Some of the changed terms that are basic to understanding the clarified standards are:
Old Term
New Term
GAAP
Applicable financial reporting framework. The new standards are not
GAAP-centric; they are written to apply to both GAAP and other bases of
accounting. References to GAAP have been replaced with reference to
the financial reporting framework, and discussions of the effects of the
application of GAAP have been replaced with generic discussions.
OCBOA
Special purpose framework. A special purpose framework is different
from a fair presentation framework, such as GAAP. The standard notes
that OCBOA is a term commonly used to refer to some special purpose
presentations, but does not use that term again.
Tolerable misstatement
Performance materiality. Tolerable misstatement, as used in SAS No.
107 (that is, financial statement materiality applied at the account balance
or class of transactions level), is now called performance materiality. The
term tolerable misstatement has been retained but is used only in the
context of sampling applications.
Emphasis-of-a-matter paragraph
Emphasis-of-matter paragraph or other-matter paragraph. The
concept of an additional paragraph that does not affect the opinion has
been retained, but the name of the paragraph depends on its content: if it
relates to something appearing in or disclosed in the financial statements,
it is an emphasis-of-matter paragraph; if it relates to the audit, it is an
other-matter paragraph.
Financial statements containing
components, such as consolidated
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Old Term
New Term
or combined financial statements,
principal auditor, other auditor
Group financial statements, group audit team, group engagement
partner, component auditor. (The divided-responsibility report, itself still
refers to the component auditor as an other auditor, however.)
Substantive Changes to the Standards
101.3 Virtually every section of the clarified standards creates new requirements. In addition, many of them
eliminate existing requirements or relegate them to nonmandatory application guidance. The AICPA has
characterized most of these changes as not substantive. However, they are still changes; they require that audit
plans be changed. And their significance depends on the individual practitioner. If one of the nonsubstantive
changes formed the basis for a firm's audit approach or its interpretation of the literature, that firm is likely to
disagree that it is not substantive. A peer reviewer who determines that the firm's audit plan did not include a new
requirement is unlikely to dismiss it as not substantive.
101.4 Each section in this Guide reconciles the new standard to the existing ones. The following discussion
highlights some of the most fundamental changes.
101.5 Principles-based Guidance
The new standards are described as principles based. They are intended to provide the basic rules that are to be
applied as appropriate in the circumstances, rather than rules specifically written for each situation that might
arise. The principles-based approach evinces itself in that:
• Each section explains the objectives to be achieved by the requirements. Implementation of the
requirements is still mandated, but the objectives provide the context, which helps auditors focus their
judgment about how the requirements should be incorporated into their engagements and whether the
related application guidance is applicable in the circumstances.
• Many of the detailed procedures and considerations that were required in the existing standards are not
specified in the clarified standards. Instead, a basic requirement is stated and the application guidance
supplies a discussion about how the requirement may be implemented. (The term may does not connote a
requirement, merely a possibility that might be considered.) Thus, the application guidance provides
alternative ways of meeting the objectives and requirements, none of which is specifically required. The
auditor can use a method discussed in the application guidance or choose another approach to fulfilling the
requirement.
• The guidance is written in the context of the range of possible financial reporting frameworks. The clarified
standards are equally applicable to all financial reporting frameworks; they do not presume that GAAP
underlies the financial statements. Accordingly, they no longer deal with specific GAAP-related issues, but
speak to broader concerns.
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101.6 This is not to say the standards do not include detailed rules. The auditing guidance (excluding special
engagements) in SAS No. 122, for example, contains roughly 500 paragraphs of requirements, many of which
include multiple requirements. Nonetheless, the standards are written to be more broadly applicable.
101.7 It is hard to predict the effect of any change in philosophy on peer reviews. Early drafts of the peer review
checklists to be used for audits done under the clarified standards remain requirement-based.
101.8 Unconditional Requirements
Unconditional requirements are those the auditor always has to comply with (as opposed to presumptively
mandatory requirements). The existing standards use the terms must or is required to denote unconditional
requirements. The clarified standards use only the term must. In addition, the number of unconditional
requirements is dramatically curtailed. While the existing standards use the term dozens of times, the clarified
standards use it just four times, three of which deal with the term itself (the fourth requires independence). The
term must is used in the clarified standards only when no alternative procedure would achieve the objective.
101.9 The 10 GAAS
The 10 generally accepted auditing standards (three general standards, three fieldwork standards, and four
reporting standards) have been deleted. Although they were historically significant, they had no more authority
than the rest of the auditing standards and, given the revision and recodification of the standards to conform to
the international standards, they no longer provide the structure for the codification.
101.10 Objectives
Each AU-C section establishes objectives the auditor needs to achieve. If the procedures required by the section
do not accomplish the stated objective, additional procedures need to be applied. Taken together, they
summarize the effort needed in an audit. Appendix 1A provides a comprehensive list of the objectives in SAS
Nos. 122-127 that can be used to focus the auditor's attention on the audit's goals.
101.11 Financial Reporting Framework
The clarified standards assume a more principles-based perspective than their predecessors. They no longer
presume that GAAP provides the basis of accounting underlying the financial statements, which makes it easier
to apply the standards in a non-GAAP environment. On the other hand, the standards require that the auditor has
to be satisfied that the financial reporting framework applicable to the engagement is acceptable. This is generally
not an issue if GAAP is used because GAAP is presumed to be appropriate, but it creates a new requirement in
non-GAAP situations.
101.12 Engagement Letters
The engagement letter requirements have changed, so using last year's engagement letter will probably not
comply with the new standards. Although multi-year engagement letters are still permitted, the auditor using a
multi-year letter has to remind management of the terms of the engagement each year and document the
reminder.
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101.13 Group Audits
The most extensive change in SAS No. 122 concerns reporting on group financial statements (AU-C 600). AU-C
600 replaces AU 543, which primarily dealt with reporting on consolidated financial statements and the decision
about whether or not to refer to another auditor who reported on a subsidiary or other component. AU-C 600 is
much broader: it applies whenever there are component entities in the financial statements, even when different
audit teams from the same firm are involved. It requires the group auditor to be far more involved with the audit of
and decisions made at the level of the financial statement components that might be the province of a component
auditor. It deals with engagement acceptance, the group auditor's determination of materiality at the group and
component level, how components should be tested, and communications between the group auditor and
component auditors. Section 501 discusses this new standard. AU-C 600 was subsequently modified by SAS No.
127.
101.14 Negative Confirmations
SAS No. 67 essentially prohibited using negative confirmations to obtain evidence on most audits; they could be
used as substantive procedures only when controls were effective, among other requirements. AU-C 505 allows
their use in all cases and says that they can even be the sole substantive procedure if certain conditions are met.
101.15 Specialists
The clarified standards provide different rules for the use of non-accounting specialists depending on who
engages them. Management-engaged specialists are discussed in AU-C 500. If the auditor engages a specialist,
whether or not the specialist works for the auditor's firm, the requirements for using the specialist's work are
spelled out in AU-C 620. If the specialist is a member of the audit team, the specialist is treated like any other
member of the team, subject to the usual supervision and review standards.
101.16 Representation Letters
The management representation letter is substantially different under AU-C 580. Practitioners will not be able to
cut and paste last year's letter.
101.17 Fair Presentation
Historically, the standards never used the term fair presentation or fairly present unless it was modified to refer to
the criteria used such as “in conformity with GAAP.” The clarified standards, in contrast, use the term on its own
and say that mere conformity with GAAP, or another framework, does not necessarily mean the financial
statements are fairly presented. This concept is easy to take out of context. The standards make clear that it is
rare to depart from the framework (that is, deviations from the recognition or measurement rules or omission of a
required disclosure), just as it always was. The financial statements may have to provide disclosures in addition
to those required by the framework, which was not uncommon even before the clarified standards.
101.18 Audit Report
Although the report is substantively unchanged, the format is very different. The standard report is now six
paragraphs instead of three. It is required to use headings to identify the content of the different sections of the
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standard report and any additional paragraphs. The new report is discussed in Chapter 6.
Practitioner Question: What is the status of the auditing interpretations related to the standards that are being
superseded?
Answer: Some of the auditing interpretations have been carried forward into the codification of the clarified
standards. Others are deleted either because their substance has been incorporated into the body of the
standard or because the Auditing Standards Board believed they were no longer appropriate. Interpretations are
not separately exposed or issued like standards, so the only way to know whether they have been retained is by
looking for them in the new codification. Each section in this Guide provides a reconciliation of the new and old
standards that discusses the disposition of each interpretation.
Roadmap to the New Standards
101.19 Exhibit 1-1 shows where guidance in the existing standards has been moved in the clarified standards. It
is taken from the exhibit to SAS No. 122.
Exhibit 1-1
Location of Existing AU Sections in Clarified SASs
Previous AU Section
AU Superseded
AU-C Section
AU-C #
Overall Objectives of the
Independent Auditor and the
Conduct of an Audit in
Accordance With Generally
Accepted Auditing Standards
[1]
200
Quality Control for an
Engagement Conducted in
Accordance With Generally
Accepted Auditing Standards
220
Statements on Auditing Standards—Introduction
110
Responsibilities and Functions of the
Independent Auditor
All
Defining Professional Requirements
in Statements on Auditing Standards
120
150
161
All
Generally Accepted Auditing
Standards
The Relationship of Generally
Accepted Auditing Standards to
Quality Control Standards
All
All
The General Standards
201
Nature of the General
Standards
All
210
Training and Proficiency of the
Independent Auditor
All
Overall Objectives of the
Independent Auditor and the
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200
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Previous AU Section
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AU Superseded
AU-C Section
Conduct of an Audit in
Accordance With Generally
Accepted Auditing Standards
[1]
220
Independence
All
230
Due Professional Care in the
Performance of Work
All
AU-C #
The Standards of Field Work
All except .08-.10 Planning an Audit
311
.08-.10
312
314
315
300
Planning and Supervision
Audit Risk and Materiality in
Conducting an Audit
Understanding the Entity and Its
Environment and Assessing the Risks
of Material Misstatement
Communications Between
Predecessor and Successor Auditors
Terms of Engagement
210
Materiality in Planning and
Performing an Audit
320
Evaluation of Misstatements
Identified During the Audit
450
Understanding the Entity and
Its Environment and
Assessing the Risks of
Material Misstatement
315
All
All
Opening Balances—Initial
All except .03-.10 Audit Engagements,
and .14
Including Reaudit
Engagements
.03-.10 and .14
510
Terms of Engagement
210
316
Consideration of Fraud in a Financial
Statement Audit
All
Consideration of Fraud in a
Financial Statement Audit
240
317
Illegal Acts by Clients
All
Consideration of Laws and
Regulations in an Audit of
Financial Statements
250
318
Performing Audit Procedures in
Response to Assessed Risks and
Evaluating the Audit Evidence
Obtained
All
Performing Audit Procedures
in Response to Assessed
Risks and Evaluating the
Audit Evidence Obtained
330
322
The Auditor's Consideration of the
Internal Audit Function in an Audit of
Financial Statements
All
The Auditor's Consideration
of the Internal Auditor
Function in an Audit of
Financial Statements
(working title) a
610
324
Service Organizations
All
Audit Considerations
Relating to an Entity Using a
Service Organization
402
325
Communicating Internal Control
Related Matters Identified in an Audit
All
Communicating Internal
Control Related Matters
Identified in an Audit
265
326
Audit Evidence
All
Audit Evidence
500
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Previous AU Section
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AU Superseded
AU-C Section
AU-C #
328
Auditing Fair Value Measurements
and Disclosures
All
Auditing Accounting
Estimates, Including Fair
Value Accounting Estimates,
and Related Disclosures [2]
540
329
Analytical Procedures
All
Analytical Procedures
520
330
The Confirmation Process
All
External Confirmations
505
331
Inventories
All
Audit Evidence—Specific
Considerations for Selected
Items [3]
501
332
Auditing Derivative Instruments,
Hedging Activities, and Investments
in Securities
All
Audit Evidence—Specific
Considerations for Selected
Items [3]
501
333
Management Representations
All
Written Representations
580
334
Related Parties
All
Related Parties
550
All
Using the Work of an
Auditor's Specialist
620
336
Using the Work of a Specialist
337
Inquiry of a Client's Lawyer
Concerning Litigation, Claims, and
Assessments
All
Audit Evidence—Specific
Considerations for Selected
Items [3]
501
339
Audit Documentation
All
Audit Documentation
230
All
The Auditor's Consideration
of an Entity's Ability to
Continue as a Going
Concern
570
540
341
The Auditor's Consideration of an
Entity's Ability to Continue as a Going
Concern
342
Auditing Accounting Estimates
All
Auditing Accounting
Estimates, Including Fair
Value Accounting Estimates,
and Related Disclosures [2]
350
Audit Sampling
All
Audit Sampling
530
380
The Auditor's Communication With
Those Charged With Governance
All
The Auditor's Communication
With Those Charged With
Governance
260
390
Consideration of Omitted Procedures
After the Report Date
All
Consideration of Omitted
Procedures After the Report
Release Date
585
Forming an Opinion and
Reporting on Financial
Statements [4]
700
The First, Second, and Third Standards of Reporting
410
420
Adherence to Generally Accepted
Accounting
Principles
All
All
Consistency of Financial
Statements
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708
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Previous AU Section
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AU Superseded
AU-C Section
AU-C #
Consistency of Application of
Generally Accepted Accounting
Principles
431
Adequacy of Disclosure in Financial
Statements
All
Modifications to the Opinion
in the Independent Auditor's
Report [5]
705
All
Withdrawn
N/A
Forming an Opinion and
Reporting on Financial
Statements [4]
700
Modifications to the Opinion
in the Independent Auditor's
Report [5]
705
Emphasis-of-Matter
Paragraphs and Other-Matter
Paragraphs in the
Independent Auditor's Report
[6]
706
.12-.13
Special Considerations—
Audits of Group Financial
Statements (Including the
Work of Component
Auditors)
600
.16-.18, .53-.57
Consistency of Financial
Statements
708
.33-.34
Special Considerations—
Audits of Single Financial
Statements and Specific
Elements, Accounts, or Items
of a Financial Statement
805
.71-.73
Subsequent Events and
Subsequently Discovered
Facts [7]
560
.01-.02
Forming an Opinion and
Reporting on Financial
Statements [4]
700
.03-.08
Subsequent Events and
Subsequently Discovered
Facts [7]
560
Alert That Restricts the Use
of the Auditor's Written
Communication
905
The Fourth Standard of Reporting
504
Association With Financial
Statements
.01-.11, .14-.15,
.19-.32, .35-.52,
.58-.70, and .74.76
508
530
532
Reports on Audited Financial
Statements
Dating of the Independent Auditor's
Report
Restricting the Use of an Auditor's
Report
All
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Previous AU Section
534
543
Reporting on Financial Statements
Prepared for Use in Other Countries
Part of Audit Performed by Other
Independent Auditors
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AU Superseded
AU-C Section
AU-C #
All
Financial Statements
Prepared in Accordance With
a Financial Reporting
Framework Generally
Accepted in Another Country
910
All
Special Considerations—
Audits of Group Financial
Statements (Including the
Work of Component
Auditors)
600
800
544
Lack of Conformity With Generally
Accepted Accounting Principles
All
Special Considerations—
Audits of Financial
Statements Prepared in
Accordance With Special
Purpose Frameworks [8]
550
Other Information in Documents
Containing Audited Financial
Statements
All
Other Information in
Documents Containing
Audited Financial Statements
720
551
Supplementary Information in
Relation to the Financial Statements
as a Whole
All
Supplementary Information in
Relation to the Financial
Statements as a Whole
725
552
Reporting on Condensed Financial
Statements and Selected Financial
Data
All
Engagements to Report on
Summary Financial
Statements
810
All
Required Supplementary
Information
730
Subsequent Events and
Subsequently Discovered
Facts [7]
560
Special Considerations—
Audits of Financial
Statements Prepared in
Accordance With Special
Purpose Frameworks [8]
800
Special Considerations—
Audits of Single Financial
Statements and Specific
Elements, Accounts, or Items
of a Financial Statement
805
558
Required Supplementary Information
560
Subsequent Events
561
Subsequent Discovery of Facts
Existing at the Date of the Auditor's
Report
All
All
Other Types of Reports
.01-.10 and .22.34
623
Special Reports
.11-.18
.19-.21
Reporting on Compliance
With Aspects of Contractual
Agreements or Regulatory
Requirements in Connection
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Previous AU Section
AU Superseded
AU-C Section
AU-C #
With Audited Financial
Statements
All
Reports on Application of
Requirements of an
Applicable Financial
Reporting Framework
915
All
Letters for Underwriters and
Certain Other Requesting
Parties
920
711
Filings Under Federal Securities
Statutes
All
Filings With the U.S.
Securities and Exchange
Commission Under the
Securities Act of 1933
925
722
Interim Financial Information
All
Interim Financial Information
930
All
Compliance Audits
935
Audit Evidence—Specific
Considerations for Selected
Items [3]
501
625
634
Reports on the Application of
Accounting Principles
Letters for Underwriters and Certain
Other Requesting Parties
Special Topics
Compliance Auditing
801
Compliance Audits
Special Reports of the Committee on Auditing Procedure
901
Public Warehouses—Controls and
Auditing Procedures for Goods Held
All
Legend:
[n] — Bracketed number indicates a clarified standard that supersedes more than one extant AU section.
Notes:
a
Not finalized as of March 2013.
____________________
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