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PCAOB Standards and Related Rules

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Description

The PCAOB Standards and Related Rules supplies auditors of public companies with a current and comprehensive source of PCAOB standards.

This compilation delivers:

  • PCAOB Standards

  • PCAOB Interim Standards on auditing, attest, quality control, ethics, and independence

  • Select PCAOB Releases and Rules

  • PCAOB staff guidance

  • A detailed table and narrative explaining the applicability of the PCAOB standards and GAAS and the differences between them

The November 2009 edition has been reorganized and updated to include:

  • PCAOB Staff Questions and Answers on references to authoritative accounting guidance in PCAOB Standards

  • A new PCAOB staff views document intended to help auditors apply the provisions of the PCAOB Auditing Standard No. 5 to audits of smaller, less complex public companies

  • Staff Practice Alert No. 4 on auditor considerations regarding fair value measurements, disclosures, and other-than-temporary impairments

  • PCAOB Release 2009-004, Auditing Standard No. 7 (as adopted by the PCAOB, pending SEC approval) Engagement Quality Review

Table of Contents

  • Applicability of Public Company Accounting Oversight Board Standards and AICPA Professional Standards
  • AUDITING STANDARDS
    • Auditing Standard No. 1—References in Auditors’ Reports to the Standards of the Public Company Accounting Oversight Board
    • Auditing Standard No. 3—Audit Documentation
    • Auditing Standard No. 4—Reporting on Whether a Previously Reported Material Weakness Continues to Exist
    • Auditing Standard No. 5—An Audit of Internal Control Over Financial Reporting That Is Integrated With An Audit of Financial Statements
    • Auditing Standard No. 6—Evaluating Consistency of Financial Statements
  • INTERIM STANDARDS U.S. AUDITING
    • AU 100 Statements on Auditing Standards—Introduction
      • 110—Responsibilities and Functions of the Independent Auditor
      • 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
      • 310—Appointment of the Independent Auditor
      • 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
      • 313—Substantive Tests Prior to the Balance Sheet Date
      • 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
      • 319—Consideration of Internal Control in a Financial Statement Audit
      • 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—Communications About Control Deficiencies in an Audit of Financial Statements
      • 9325—Communication of Internal Control Related Matters Noted in an Audit: Auditing Interpretations of Section 325
      • 326—Evidential Matter
      • 9326—Evidential Matter: Auditing Interpretations of Section 326
      • 328—Auditing Fair Value Measurements and Disclosures
      • 329—Analytical Procedures
      • 330—The Confirmation Process
      • 331—Inventories
      • 332—Auditing Derivative Instruments, Hedging Activities, and Investments in Securities
      • 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—Communication With Audit Committees
      • 9380—Communication With Audit Committees: Auditing Interpretations of Section 380
      • 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; see section 9326.28–.41]
    • 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
      • 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
      • 561—Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report
      • 9561—Subsequent Discovery of Facts Existing at 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 [Withdrawn by SAS 93; see AT section 201]
      • 9622—Engagements to Apply Agreed-Upon Procedures to Specified Elements, Accounts, or Items of a Financial Statement: Auditing Interpretations of Section 622 [Withdrawn by SAS 93; see AT section 201]
      • 623—Special Reports
      • 9623—Special Reports: Auditing Interpretations of Section 623
      • 625—Reports on the Application of Accounting Principles
      • 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
    • 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 Procedure for Goods Held
  • ATTESTATION STANDARDS
    • AT Attestation Standards—Introduction
    • AT Statements on Standards for Attestation Engagements
      • 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—Reporting on an Entity’s Internal Control Over Financial Reporting [See PCAOB Release No. 2004-008.]
      • 9501—Reporting on an Entity’s Internal Control Over Financial Reporting: Attest Engagements Interpretations of Section
      • 501 [See PCAOB Release No. 2004-008.]
      • 601—Compliance Attestation
      • 701—Management’s Discussion and Analysis
  • CODE OF PROFESSIONAL CONDUCT
    • ET 100 Independence, Integrity, and Objectivity
      • 101—Independence
      • 102—Integrity and Objectivity
      • 191—Ethics Rulings on Independence, Integrity, and Objectivity
  • INDEPENDENCE STANDARDS BOARD
    • ISB Independence Standards Board
      • ISB Standard No. 1—Independence Discussions with Audit Committees Section Page
      • ISB Standard No. 2—Certain Independence Implications of Audits of Mutual Funds and Related Entities
      • ISB Standard No. 3—Employment with Audit Clients
      • ISB Interpretation 99–1: Impact on Auditor Independence of Assisting Clients in the Implementation of FAS 133 (Derivatives)
      • ISB Interpretation 00–1: The Applicability of ISB Standard No. 1 When “Secondary Auditors” Are Involved in the Audit of a Registrant
      • ISB Interpretation 00–2: The Applicability of ISB Standard
      • No. 1 When “Secondary Auditors” Are Involved in the Audit of a Registrant: An Amendment of Interpretation 00–1
  • QUALITY CONTROL
    • QC Quality Control
      • 20—System of Quality Control for a CPA Firm’s Accounting and Auditing Practice
      • 30—Monitoring a CPA Firm’s Accounting and Auditing Practice
      • 40—The Personnel Management Element of a Firm’s System of Quality Control-Competencies Required by a Practitioner-in-Charge of an Attest Engagement
  • SEC PRACTICE SECTION (SECPS)
    • SECPS SEC Practice Section (SECPS)
      • SECPS Section 1000.08(d), (f), (l), (m), (n), (o)—Requirements of Membership
      • SECPS Section 1000.38, .39, .42, .43, .45, .46—Appendixes D, E, H, I, K, L
      • SECPS Section 8000—Continuing Professional Education Requirements Effective for Educational Years Beginning After May 31, 2002
  • PCAOB STAFF GUIDANCE
    • PCAOB Staff Guidance
      • 100—PCAOB Staff Questions and Answers
      • 200—[Reserved]
      • 300—Staff Views
      • 400—Staff Audit Practice Alerts
  • SELECT RULES OF THE BOARD
    • Section 1. General Provisions
    • Section 3. Professional Standards
  • SELECT PCAOB RELEASES
    • 2003-006 Establishment of Interim Professional Auditing Standards
    • 2003-009 Compliance With Auditing and Related Professional Practice Standards—Advisory Groups
    • 2003-025 Auditing Standard No. 1, References in Auditors’ Reports to the Standards of the Public Company Accounting Oversight Board
    • 2003-026 Technical Amendments to Interim Standards Rules
    • 2004-006 Auditing Standard No. 3, Audit Documentation
    • 2004-007 Rule Regarding Certain Terms Used in Auditing and Related Professional Practice Standards
    • 2005-014 Ethics and Independence Rule Concerning Independence, Tax Services, and Contingent Fees
    • 2005-015 Auditing Standard No. 4, Reporting on Whether a Previously Reported Material Weakness Continues to Exist
    • 2005-020 Ethics and Independence Rule Concerning Independence, Tax Services, and Contingent Fees
    • 2007-001 Observations on Auditors’ Implementation of PCAOB Standards Relating to Auditors’ Responsibilities With Respect to Fraud
    • 2007-005A Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated With An Audit of Financial Statements, and Related Independence Rule and Conforming Amendments
    • 2008-001 Auditing Standard No. 6, Evaluating Consistency of Financial Statements, and Conforming Amendments
    • 2008-003 Ethics and Independence Rule 3526, Communication with Audit Committees Concerning Independence, Amendment to Interim Independence Standards, Amendment to Rule
    • 3523, Tax Services for Persons in Financial Reporting Oversight Roles, Implementation Schedule for Rule 3523
    • 2008-006 Proposed Auditing Standards Related to the Auditor’s Assessment of and Response to Risk and Conforming Amendments to PCAOB Standards
    • 2009-004 Auditing Standard No. 7, Engagement Quality Review, and Conforming Amendment to the Boards Interim Quality Control Standards

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Excerpts

Foreword

This compilation has been developed by the AICPA and contains the currently effective Public Company Accounting Oversight Board's (PCAOB) professional standards (which consists of auditing, attestation, quality control, ethics, and independence standards) and related rules applicable to the preparation and issuance of audit reports for issuers, as defined by the Sarbanes-Oxley Act (act). In developing this compilation, the AICPA has updated the PCAOB's Interim Professional Auditing Standards (as described in PCAOB Release No. 2003-006 and contained in the Interim Standards section) to incorporate the conforming amendments issued by the PCAOB and approved by the Securities and Exchange Commission (SEC) through the date of this compilation. Unless specifically stated in the standards of the PCAOB, the AICPA has not made conforming changes to the PCAOB's Interim Professional Auditing Standards to reflect the requirements and intent of standards issued by the PCAOB and approved by the SEC. Therefore, there may be conflicts between a PCAOB standard and the PCAOB's Interim Professional Auditing Standards, in which case the PCAOB standard should be followed.

Subject to SEC oversight, Section 103 of the Act authorizes the PCAOB to establish auditing and related attestation, quality control, ethics, and independence standards to be used by registered public accounting firms in the preparation and issuance of audit reports as required by the Act or the rules of the SEC. Accordingly, public accounting firms registered with the PCAOB are required to adhere to all PCAOB standards in the audits of the financial statements of issuers, as defined by the Act, and other entities when prescribed by the rules of the SEC.

Any registered public accounting firm or person associated with such a firm that fails to adhere to applicable PCAOB standards in connection with an audit of the financial statements of an issuer may be the subject of a PCAOB disciplinary proceeding in accordance with Section 105 of the Act. In addition, the Act provides that any violation of the PCAOB's rules is to be treated for all purposes in the same manner as a violation of the Securities Exchange Act of 1934, 15 U.S.C. 78a et seq., or the rules and regulations issued thereunder, and any person violating the PCAOB's rules "shall be subject to the same penalties, and to the same extent, as for a violation of [the Exchange] Act or such rules or regulations."

Rule 201, General Standards (AICPA, Professional Standards, vol. 1, ET sec. 201 par. .01), and Rule 202, Compliance With Standards (AICPA, Professional Standards, vol. 1, ET sec. 202 par. .01), of the AICPA Code of Professional Conduct, require a member who performs auditing and other professional services to comply with standards promulgated by bodies designated by AICPA Council. AICPA Council has designated the PCAOB as a body with the authority to promulgate auditing and related attestation standards, quality control, ethics, independence and other standards relating to the preparation and issuance of audit reports for issuers. The AICPA's Professional Ethics Division is able to hold an AICPA member who performs audits of the financial statements of issuers accountable under Rules 201 and 202 of the AICPA Code of Professional Conduct for complying with PCAOB's auditing and related professional practice standards when performing such audits.

November 2009

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