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Codification of Statements on Auditing Standards

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This essential reference for auditors of non-public companies is fully updated as of January 2009 and will help you find the exact information you need.

All Statements on Auditing Standards (SASs), Statements on Standards for Attestation Engagements (SSAEs), and related interpretations are organized by subject and indexed in this handy guide. All amendments have been incorporated so you will have the most up-to-date information available.

This edition has been updated to include:

  • SAS No. 116, Interim Financial Information

  • SAS No. 115, Communicating Internal Control Related Matters Identified in an Audit

  • SSAE No. 15, An Examination of an Entity's Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements

  • Several new auditing and attestation engagements interpretations

  • Revision of the "Applicability of AICPA Professional Standards and Public Company Accounting Oversight Board Standards" section

  • Revisions of various sections to reflect SAS No. 115, SSAE No. 15, and Statement on Quality Control Standards No. 7

  • A new section containing finalized standards issued as part of the Clarity Project

Includes all amendments and conforming changes.

Table of Contents

  • How to Use This Volume
  • Applicability of AICPA Professional Standards and PCAOB
  • Standards
  • Cross-References to SASs
  • AU 100 Statements on Auditing Standards—Introduction
    • 110—Responsibilities and Functions of the Independent Auditor
    • 120—Defining Professional Requirements in Statements on Auditing Standards
    • 150—Generally Accepted Auditing Standards
    • 161—The Relationship of Generally Accepted Auditing Standards to Quality Control Standards
  • AU 200 The General Standards
    • 201—Nature of the General Standards
    • 210—Training and Proficiency of the Independent Auditor
    • 220—Independence
    • 230—Due Professional Care in the Performance of Work
  • AU 300 The Standards of Field Work
    • 311—Planning and Supervision
    • 9311—Planning and Supervision: Auditing Interpretations of Section 311
    • 312—Audit Risk and Materiality in Conducting an Audit
    • 9312—Audit Risk and Materiality in Conducting an Audit: Auditing Interpretations of Section 312
    • 314—Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
    • 315—Communications Between Predecessor and Successor Auditors
    • 316—Consideration of Fraud in a Financial Statement Audit
    • 317—Illegal Acts by Clients
    • 9317—Illegal Acts by Clients: Auditing Interpretations of Section 317
    • 318—Performing Audit Procedures in Response to Assessed
    • Risks and Evaluating the Audit Evidence Obtained
    • 322—The Auditor's Consideration of the Internal Audit Function in an Audit of Financial Statements
    • 324—Service Organizations
    • 9324—Service Organizations: Auditing Interpretations of Section 324
    • 325—Communicating Internal Control Related Matters Identified in an Audit
    • 9325—Communicating Internal Control Related Matters Identified in an Audit: Auditing Interpretations of Section 325
    • 325A—Communicating Internal Control Related Matters Identified in an Audit
    • 9325A—Communicating Internal Control Related Matters Identified in an Audit: Auditing Interpretations of Section 325A
    • 326—Audit Evidence
    • 9326—Audit Evidence: Auditing Interpretations of Section 326
    • 328—Auditing Fair Value Measurements and Disclosures
    • 9328—Auditing Fair Value Measurements and Disclosures: Auditing Interpretations of Section 328
    • 329—Analytical Procedures
    • 9329—Analytical Procedures: Auditing Interpretations of Section 329
    • 330—The Confirmation Process
    • 9330—The Confirmation Process: Auditing Interpretations of Section 330
    • 331—Inventories
    • 9331—Inventories: Auditing Interpretations of Section 331
    • 332—Auditing Derivative Instruments, Hedging Activities, and Investments in Securities
    • 9332—Auditing Derivative Instruments, Hedging Activities, and Investments in Securities: Auditing Interpretations of Section 332
    • 333—Management Representations
    • 9333—Management Representations: Auditing Interpretations of Section 333
    • 334—Related Parties
    • 9334—Related Parties: Auditing Interpretations of Section 334
    • 336—Using the Work of a Specialist
    • 9336—Using the Work of a Specialist: Auditing Interpretations of Section 336
    • 337—Inquiry of a Client's Lawyer Concerning Litigation, Claims and Assessments
    • 337A—Appendix—Illustrative Audit Inquiry Letter to Legal Counsel
    • 337B—Exhibit I—Excerpts from Statement of Financial Accounting Standards No. 5: Accounting for Contingencies
    • 337C—Exhibit II—American Bar Association Statement of Policy Regarding Lawyers' Responses to Auditors' Requests for Information
    • 9337—Inquiry of a Client's Lawyer Concerning Litigation, Claims, and Assessments: Auditing Interpretations of Section 337
    • 339—Audit Documentation
    • 9339—Audit Documentation: Auditing Interpretations of Section 339
    • 341—The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern
    • 9341—The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern: Auditing Interpretations of Section 341
    • 342—Auditing Accounting Estimates
    • 9342—Auditing Accounting Estimates: Auditing Interpretations of Section 342
    • 350—Audit Sampling
    • 9350—Audit Sampling: Auditing Interpretations of Section 350
    • 380—The Auditor's Communication With Those Charged With Governance
    • 390—Consideration of Omitted Procedures After the Report Date
  • AU 400 The First, Second, and Third Standards of Reporting
    • 410—Adherence to Generally Accepted Accounting Principles
    • 9410—Adherence to Generally Accepted Accounting Principles: Auditing Interpretations of Section 410
    • 411—The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles
    • 9411—The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles: Auditing Interpretations of Section 411
    • 420—Consistency of Application of Generally Accepted Accounting Principles
    • 9420—Consistency of Application of Generally Accepted Accounting Principles: Auditing Interpretations of Section 420
    • 431—Adequacy of Disclosure in Financial Statements
    • 435—Segment Information [Rescinded by the Auditing Standards Board
    • 9435—Segment Information: Auditing Interpretations of Section 435
  • AU 500 The Fourth Standard of Reporting
    • 504—Association With Financial Statements
    • 9504—Association With Financial Statements: Auditing Interpretations of Section 504
    • 508—Reports on Audited Financial Statements
    • 9508—Reports on Audited Financial Statements: Auditing Interpretations of Section 508
    • 530—Dating of the Independent Auditor's Report
    • 532—Restricting the Use of an Auditor's Report
    • 534—Reporting on Financial Statements Prepared for Use in Other Countries
    • 9534—Reporting on Financial Statements Prepared for Use in Other Countries: Auditing Interpretations of Section 534
    • 543—Part of Audit Performed by Other Independent Auditors
    • 9543—Part of Audit Performed by Other Independent Auditors: Auditing Interpretations of Section 543
    • 544—Lack of Conformity With Generally Accepted Accounting Principles
    • 9544—Lack of Conformity With Generally Accepted Accounting Principles: Auditing Interpretations of Section 544
    • 550—Other Information in Documents Containing Audited Financial Statements
    • 9550—Other Information in Documents Containing Audited Financial Statements: Auditing Interpretations of Section 550
    • 551—Reporting on Information Accompanying the Basic Financial Statements in Auditor-Submitted Documents
    • 552—Reporting on Condensed Financial Statements and Selected Financial Data
    • 558—Required Supplementary Information
    • 9558—Required Supplementary Information: Auditing Interpretations of Section 558
    • 560—Subsequent Events
    • 9560—Subsequent Events: Auditing Interpretations of Section 560
    • 561—Subsequent Discovery of Facts Existing at the Date of the Auditor's Report
    • 9561—Subsequent Discovery of Facts Existing of the Date of the Auditor's Report: Auditing Interpretations of Section 561
  • AU 600 Other Types of Reports
    • 622—Engagements to Apply Agreed-Upon Procedures to Specified Elements, Accounts, or Items of a Financial Statement
    • 9622—Engagements to Apply Agreed-Upon Procedures to Specified Elements, Accounts, or Items of a Financial Statement: Auditing Interpretations of Section 622
    • 623—Special Reports
    • 9623—Special Reports: Auditing Interpretations of Section 623
    • 625—Reports on the Application of Accounting Principles
    • 9625—Reports on the Application of Accounting Principles: Auditing Interpretations of Section 625
    • 634—Letters for Underwriters and Certain Other Requesting Parties
    • 9634—Letters for Underwriters and Certain Other Requesting Parties: Auditing Interpretations of Section 634
    • 9642—Reporting on Internal Accounting Control: Auditing Interpretations of SAS No. 30
  • AU 700 Special Topics
    • 711—Filings Under Federal Securities Statutes
    • 9711—Filings Under Federal Securities Statutes:
    • Auditing Interpretations of Section 711
    • 722—Interim Financial Information
    • 722A—Interim Financial Information
  • AU 800 Compliance Auditing
    • 801—Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance
    • AU 900 Special Reports of the Committee on Auditing Procedure
      • 901—Public Warehouses—Controls and Auditing Procedures for Goods Held
  • Risk Assessment Standards: SAS No. 104–SAS No. 111
  • Appendixes
  • Topical Index
  • Clarity Project
  • Statements on Standards for Attestation Engagements—Contents
  • Attestation Standards—Introduction
  • Statements on Standards for Attestation Engagements
    • 20—Defining Professional Requirements in Statements on Standards for Attestation Engagements
    • 50—SSAE Hierarchy
    • 101—Attest Engagements
    • 9101—Attest Engagements: Attest Engagements Interpretations of Section 101
    • 201—Agreed-Upon Procedures Engagements
    • 301—Financial Forecasts and Projections
    • 401—Reporting on Pro Forma Financial Information
    • 501—An Examination of an Entity's Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements
    • 601—Compliance Attestation
    • 701—Management's Discussion and Analysis
  • Topical Index

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Excerpts

This volume, issued by the Auditing Standards Board (ASB), is a odification of currently effective Statements on Auditing Standards (SASs) and the related auditing interpretations applicable to the preparation and issuance of audit reports for all nonissuers (nonissuers are all entities other than issuers as defined by the Sarbanes-Oxley Act, or other entities who are required to be audited by a registered public accounting firm as prescribed by the rules of the Securities and Exchange Commission). This volume is also a Codification of currently effective Statements on Standards for Attestation Engagements (SSAEs), and the related attestation interpretations. Superseded portions have been deleted, and all applicable amendments have been included.

SASs are issued by the ASB, the senior technical body of the AICPA designated to issue pronouncements on auditing matters applicable to the preparation and issuance of audit reports for entities that are nonissuers. Rule 202, Compliance With Standards, of the AICPA Code of Professional Conduct, requires an AICPA member who performs an audit (the auditor) of the financial statements of a nonissuer to comply with standards promulgated by the ASB. An auditor is required to comply with an unconditional requirement in all cases in which the circumstances exist to which the unconditional requirement applies. An auditor is also required to comply with a presumptively mandatory requirement in all cases in which the circumstances exist to which the presumptively mandatory requirement applies; however, in rare circumstances, an auditor may depart from a presumptively mandatory requirement provided the auditor documents his or her justification for the departure and how the alternative procedures performed in the circumstances were sufficient to achieve the objectives of the presumptively mandatory requirement.

Auditing interpretations of SASs are interpretive publications pursuant to AU section 150, Generally Accepted Auditing Standards (AICPA, Professional Standards, vol. 1). Interpretive publications are recommendations on the application of SASs in specific circumstances, including engagements for entities in specialized industries. Interpretive publications are issued under the authority of the ASB. An auditor should be aware of and consider interpretations applicable to his or her audit. An interpretation is not as authoritative as a pronouncement of the ASB; however, if an auditor does not apply an auditing interpretation, the auditor should be prepared to explain how he or she complied with the SAS provisions addressed by such auditing guidance. The specific terms used to define professional requirements in the SASs are not intended to apply to interpretations because interpretations are not auditing standards. It is the ASB's intention to make conforming changes to the interpretations over the next several years to remove any language that would imply a professional requirement where none exists.

SSAEs are issued by senior technical bodies of the AICPA designated to issue pronouncements on attestation matters. Rule 202 of the AICPA Code of Professional Conduct requires an AICPA member who performs an attest engagement (a practitioner) to comply with such pronouncements. A practitioner is required to comply with an unconditional requirement in all cases in which the circumstances exist to which the unconditional requirement applies. A practitioner is also required to comply with a presumptively mandatory requirement in all cases in which the circumstances exist to which the presumptively mandatory requirement applies; however, in rare circumstances, a practitioner may depart from a presumptively mandatory requirement provided that the practitioner documents his or her justification for the departure and how the alternative procedures performed in the circumstances were sufficient to achieve the objectives of the presumptively mandatory requirement.

Attestation interpretations are recommendations on the application of SSAEs in specific circumstances, including engagements for entities in specialized industries, issued under the authority of AICPA senior technical bodies. An interpretation is not as authoritative as a pronouncement of the ASB; however, if a practitioner does not apply an attestation interpretation, the practitioner should be prepared to explain how he or she complied with the SSAE provisions addressed by such attestation guidance. The specific terms used to define professional requirements in the SSAEs are not intended to apply to interpretations because interpretations are not attestation standards. It is the ASB's intention to make conforming changes to the interpretations over the next several years to remove any language that would imply a professional requirement where none exists.

The Accounting and Review Services Committee, ASB, and Consulting Services Executive Committee are the senior technical committees of the AICPA designated to issue enforceable standards under Rules 201 and 202 of the AICPA's Code of Professional Conduct concerning attest services in their respective areas of responsibility.

AUDITING STANDARDS BOARD
Harold L. Monk, Jr., Chairman
Charles E. Landes, Vice President—
Professional Standards and Services

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