This SAS is effective for audits of financial statements for periods beginning on or after December 15, 2010. Early application is permitted. This Standard supersedes the requirements and guidance in AU section 550. Along with SAS No. 119, Supplementary Information in Relation to the Financial Statements as a Whole,this SAS also supersedes the requirements and guidance in AU section 551. This Standard
eliminates the distinction between other information that is included in an auditor-submitted document that contains the client’s basic financial statements and the auditor’s report thereon and other information that is in a client-prepared document.
establishes a presumptively mandatory performance requirements, including that the auditor read the other information of which the auditor is aware in order to identify material inconsistencies, if any, with the audited financial statements.
establishes presumptively mandatory performance and reporting requirements when the auditor identifies a material inconsistency with other information and the financial statements.
establishes mandatory performance requirements when the auditor becomes aware of an apparent material misstatement of fact in the other information.