Revised Applicability of Statement on Auditing Standards No. 100, Interim Financial Information - SAS No. 121

In February 2009, SAS No. 116, Interim Financial Information, amended SAS No. 100, Interim Financial Information, in AU section 722 of AICPA Professional Standards, to address the independent accountant’s professional responsibilities when the accountant undertakes an engagement to review interim financial information of a nonissuer. Now, the Auditing Standards Board has issued SAS No. 121 to further amend SAS No. 100 by amending paragraph .05 of AU section 722 such that AU section 722 would be applicable when the accountant audited the entity’s latest annual financial statements, and the appointment of another accountant to audit the current year financial statements is not effective prior to the beginning of the period covered by the review.