Amendment to Statement on Auditing Standards No. 50, Reports on the Application of Accounting Principles – SAS No. 97

This amendment revises SAS No. 50, Reports on the Application of Accounting Principles (AICPA Professional Standards AU sec. 625), to prohibit an accountant from providing a written report on the application of accounting principles not involving facts and circumstances of a specific entity. This SAS covers performance standards as well as reporting standards. The standard is effective for written reports issued or oral advice provided on or after June 30, 2002.