AICPA Professional Standards

• Volume 1
  • How to Use Volume 1
  • Applicability of AICPA Professional Standards and PCAOB Standards
  • Cross-References to SASs
  • U.S. AUDITING-AICPA
    • 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
      • 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; see section 9326.28–.41]
      • 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 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
      • 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 AU 800 Compliance Auditing
    • 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
  • ATTESTATION ENGAGEMENTS
    • 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-Reporting on an Entity's Internal Control Over Financial Reporting
    • 9501-Reporting on an Entity's Internal Control Over Financial Reporting: Attest Engagements Interpretations of Section 501
    • 601-Compliance Attestation
    • 701-Management's Discussion and Analysis
    • Topical Index
• Volume 2
  • How to Use Volume 2
  • ACCOUNTING AND REVIEW SERVICES
    • Statements on Standards for Accounting and Review Services
    • 20-Defining Professional Requirements in Statements on Standards for Accounting and Review Services
    • 50-Standards for Accounting and Review Services
    • 100-Compilation and Review of Financial Statements
      • 9100-Compilation and Review of Financial Statements:
      • Accounting and Review Services Interpretations of Section 100
      • 100A-Compilation and Review of Financial Statements
      • 9100A-Compilation and Review of Financial Statements: Accounting and Review Services Interpretations of Section 100A
      • 110-Compilation of Specified Elements, Accounts, or Items of a Financial Statement
      • 110A-Compilation of Specified Elements, Accounts, or Items of a Financial Statement
      • 120-Compilation of Pro Forma Financial Information
      • 120A-Compilation of Pro Forma Financial Information
    • 200-Reporting on Comparative Financial Statements
      • 9200-Reporting on Comparative Financial Statements: Accounting and Review Services Interpretations of Section 200
      • 200A-Reporting on Comparative Financial Statements
    • 300-Compilation Reports on Financial Statements Included in Certain Prescribed Forms
      • 9300-Compilation Reports on Financial Statements Included in Certain Prescribed Forms: Accounting and Review Services Interpretations of Section 300
      • 300A-Compilation Reports on Financial Statements Included in Certain Prescribed Forms
      • 9300A-Compilation Reports on Financial Statements Included in Certain Prescribed Forms: Accounting and Review Services Interpretations of Section 300A
    • 400-Communications Between Predecessor and Successor Accountants
      • 9400-Communications Between Predecessor and Successor Accountants: Accounting and Review Services Interpretations of Section 400
      • 400A-Communications Between Predecessor and Successor Accountants
    • 500-Reporting on Compiled Financial Statements [Deleted by the issuance of Statement on Standards for Accounting and Review Services 7, November 1992.]
    • 600-Reporting on Personal Financial Statements Included in Written Personal Financial Plans
      • 9600-Reporting on Personal Financial Statements Included in Written Personal Financial Plans: Accounting and Review Services Interpretation of Section 600
    • Exhibits
    • Appendixes
    • Topical Index
  • CODE OF PROFESSIONAL CONDUCT
    • Code of Professional Conduct - Introduction
    • ET 50 Principles of Professional Conduct
      • 51-Preamble
      • 52-Article I-Responsibilities
      • 53-Article II-The Public Interest
      • 54-Article III-Integrity
      • 55-Article IV-Objectivity and Independence
      • 56-Article V-Due Care
      • 57-Article VI-Scope and Nature of Services
      • ET 90 Rules: Applicability and Definitions
      • 91-Applicability
      • 92-Definitions
    • ET 100 Independence, Integrity, and Objectivity
      • 100.01-Conceptual Framework for AICPA Independence Standards
      • 101-Independence Rule 101-Independence Interpretations Under Rule 101-Independence
      • 102-Integrity and Objectivity Rule 102-Integrity and Objectivity Interpretations Under Rule 102-Integrity and Objectivity
      • 191-Ethics Rulings on Independence, Integrity, and Objectivity
    • ET 200 General Standards-Accounting Principles
      • 201-General Standards
      • Rule 201-General Standards
      • Interpretations Under Rule 201-General Standards
      • 202-Compliance With Standards Rule 202-Compliance With Standards Interpretation Under Rule 202- Compliance With Standards 203-Accounting Principles Rule 203-Accounting Principles Interpretations Under Rule 203- Accounting Principles
      • 291-Ethics Rulings on General and Technical Standards
    • ET 300 Responsibilities to Clients
      • 301-Confidential Client Information Rule 301-Confidential Client Information Interpretations Under Rule 301- Confidential Client Information
      • 302-Contingent Fees Rule 302-Contingent Fees Interpretation Under Rule 302-Contingent Fees
      • 391-Ethics Rulings on Responsibilities to Clients
    • ET 400 Responsibilities to Colleagues
    • ET 500 Other Responsibilities and Practices
      • 501-Acts Discreditable Rule 501-Acts Discreditable Interpretations Under Rule 501-Acts Discreditable 502-Advertising and Other Forms of Solicitation Rule 502-Advertising and Other Forms of Solicitation Interpretations Under Rule 502-Advertising and Other Forms of Solicitation
      • 503-Commissions and Referral Fees Rule 503-Commissions and Referral Fees Interpretation Under Rule 503-Commissions and Referral Fees
      • 504-[Deleted]
      • 505-Form of Organization and Name Rule 505-Form of Organization and Name Interpretations Under Rule 505-Form of Organization and Name
      • 591-Ethics Rulings on Other Responsibilities and Practices
    • Appendixes
    • Topical Index
  • BYLAWS
    • Definitions
    • 100 Name and Purpose
    • 101-Name and Purpose
    • 200 Admission to, and Retention of, Membership and Association
      • 210-Members
      • 220-Requirements for Admission to Membership
      • 220R-Implementing Resolution Under Section 2.2 Requirements for Admission to Membership
      • 230-Requirements for Retention of Membership 230R-Implementing Resolutions Under Section 2.3 Requirements for Retention of Membership
      • 240-Certificate of Membership
      • 250-Right of Members to Describe Themselves as Such
      • 260-International Associates
      • 260R-Implementing Resolution Under Section 2.6 International Associates
    • 300 - Organization and Procedure
      • 310-General
      • 320-Membership
      • 320R-Implementing Resolution Under Section 3.2 Membership
      • 330-Council 340-Board of Directors
      • 340R-Implementing Resolution Under Section 3.4 Board of Directors
      • 350-Officers Elected by Council 350R-Implementing Resolution Under Section 3.5 Officers Elected by Council
      • 360-Committees
      • 360R-Implementing Resolutions Under Section 3.6 Committees
    • 400 Financial Management and Controls
      • 401-Financial Management and Controls
      • 401R-Implementing Resolution Under Article 4 Financial Management and Controls 410-Audit
      • 420-Committee on Audit
      • 430-Execution of Instruments on Behalf of the Institute
      • 440-Indemnification
      • 450-Dues
      • 460-Fiscal Year
      • 460R-Implementing Resolution Under Section 4.6 Fiscal Year
    • 500 Meetings of the Institute and the Council
      • 501-Meetings of the Institute and the Council
      • 510-Meetings of the Institute 520-Meetings of Council
      • 530-General Provisions Governing Meetings
    • 600 Election of Council, Board of Directors, and Officersof the Institute
      • 601-Election of Council, Board of Directors, and Officers of the Institute
      • 610-Members of Council Directly Elected by Members of the Institute
      • 610R-Implementing Resolution Under Section 6.1 Members of Council Directly Elected by Members of the Institute
      • 620-Selection of Members of Council to Represent State Societies
      • 630-Election of Members-at-Large of Council, Board of Directors, Chairman of the Board, and Vice Chairman of the Board
      • 640-Forfeiture of Office for Nonattendance
      • 650-Vacancies
      • 650R-Implementing Resolution Under Section 6.5 Vacancies
      • 660-Election Meeting of Council
      • 670-Term Limit
    • 700 Termination of Membership and Disciplinary Sanctions
      • 701-Termination of Membership and Disciplinary Sanctions
      • 710-Resignation of Membership
      • 710R-Implementing Resolution Under Section 7.1 Resignation of Membership
      • 720-Termination of Membership for Nonpayment of Financial Obligation or for Failure to Comply With Membership-Retention Requirements
      • 720R-Implementing Resolution Under Section 7.2 Termination of Membership for Nonpayment of Financial Obligation or for Failure to Comply With Membership-Retention Requirements
      • 730-Disciplinary Action Without a Hearing
      • 730R-Implementing Resolution Under Section 7.3 Disciplinary Action Without a Hearing
      • 740-Disciplining of Member by Trial Board
      • 740R-Implementing Resolution Under Section 7.4 Disciplining of Member by Trial Board
      • 750-Reinstatement
      • 750R-Implementing Resolution Under Section 7.5 Reinstatement
      • 760-Publication of Disciplinary Action
      • 760R-Implementing Resolution Under Section 7.6 Publication of Disciplinary Action
      • 770-Disciplinary Sections Not to Be Applied Retroactively
    • 800 Amendments
      • 801-Amendments
      • 810-Proposals to Amend the Bylaws
      • 820-Proposals to Amend the Code of Professional Conduct
      • 830-Submission to Council via Board of Directors
      • 840-Submission to Membership by Mail Ballot
    • 900 General
      • 911-AICPA Mission Statement
      • 921-A Description of the Professional Practice of Certified Public Accountants
    • Topical Index
  • U.S. AUDITING-PCAOB
    • Public Company Accounting Oversight Board Standards and Audits of Public Companies
  • VALUATION SERVICES
    • Statements on Standards for Valuation Services
    • 100-Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset
    • 9100-Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset: Valuation Services Interpretations of Section 100
  • CONSULTING SERVICES
    • Statement on Standards for Consulting Services
    • 100-Consulting Services: Definition and Standards
    • Topical Index
  • QUALITY CONTROL
    • Quality Control
    • 10-A Firm's System of 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
  • PEER REVIEW
    • Standards for Performing and Reporting on Peer Reviews
    • 100-Standards for Performing and Reporting on Peer Reviews
    • 9100-Standards for Performing and Reporting on Peer Reviews: Interpretations of Section 100
    • 100A-Standards for Performing and Reporting on Peer Reviews
    • 9100A-Peer Review Standards Interpretations
  • TAX SERVICES
    • Tax Services
    • 100-Tax Return Positions
    • 9100-Tax Return Positions: Tax Services Interpretations of Section 100
    • 200-Answers to Questions on Returns
    • 300-Certain Procedural Aspects of Preparing Returns
    • 400-Use of Estimates
    • 500-Departure From a Position Previously Concluded in an Administrative Proceeding or Court Decision
    • 600-Knowledge of Error: Return Preparation
    • 700-Knowledge of Error: Administrative Proceedings
    • 800-Form and Content of Advice to Taxpayers
    • 900-Appendix: Cross-Reference of Previous and Revised Statements
    • Topical Index
  • PERSONAL FINANCIAL PLANNING
    • Personal Financial Planning
    • 100-Basic Personal Financial Planning Engagement Functions and Responsibilities
    • 200-Working With Other Advisers
    • 300-Implementation Engagement Functions and Responsibilities
    • 400-Monitoring and Updating Engagements-Functions and Responsibilities
    • 500-Developing a Basis for Recommendations
    • Topical Index
  • CONTINUING PROFESSIONAL EDUCATION
    • Continuing Professional Education
    • 10-Policies for the CPE Membership Requirement
    • CPE-Form for CPE Information
    • 100-Preamble
    • 200-Standards for CPAs
    • 300-Standards for CPE Program Sponsors
    • 400-Glossary
    • Topical Index

005108

What's New in This Edition

PC Part I
Revision of "Applicability of AICPA Professional Standards and Public Company Accounting Oversight Board Standards" to reflect conforming amendments due to the issuance of PCAOB Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements.

AU 150A
Deletion of AU section 150A, Generally Accepted Auditing Standards, due to the effective date of SAS No. 105, Amendment to Statement on Auditing Standards No. 95, Generally Accepted Auditing Standards.

AU 230A
Deletion of AU section 230A, Due Professional Care in the Performance of Work, due to the effective date of SAS No. 104, Amendment to Statement on Auditing Standards No. 1, Codification of Auditing Standards and Procedures ("Due Professional Care in the Performance of Work").

AU 310
Deletion of AU section 310, Appointment of the Independent Auditor, as superseded by SAS No. 108, Planning and Supervision.

AU 311A and 9311A
Deletion of AU section 311A, Planning and Supervision, and its interpretation, due to the effective date of SAS No. 108.

AU 312A and 9312A
Deletion of AU section 312A, Audit Risk and Materiality in Conducting an Audit, and its interpretation, due to the effective date of SAS No. 107, Audit Risk and Materiality in Conducting an Audit.

AU 313
Deletion of AU section 313, Substantive Tests Prior to the Balance Sheet Date, due to the effective date of SAS No. 110, Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained.

AU 316A
Deletion of AU section 316A, Consideration of Fraud in a Financial Statement Audit, due to the effective date of SAS No. 113, Omnibus Statement on Auditing Standards—2006.

AU 319 and 9319
Deletion of AU section 319, Consideration of Internal Control in a Financial Statement Audit, and its interpretation, due to the effective date of SAS No. 109, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, and SAS No. 110.

AU 326A and 9326A
Deletion of AU section 326A, Evidential Matter, and its interpretation, due to the effective date of SAS No. 106, Audit Evidence.

AU 339.36
Revision of appendix A of AU section 339, Audit Documentation, to reflect conforming amendments due to the issuance of SAS Nos. 107–110 and 114.

AU 341A and 9341A
Deletion of AU section 341A, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern, and its interpretation, due to the effective date of SAS No. 114, The Auditor's Communication With Those Charged With Governance.

AU 350A and 9350A
Deletion of AU section 350A, Audit Sampling, and its interpretation, due to the effective date of SAS No. 111, Amendment to Statement on Auditing Standards No. 39, Audit Sampling.

AU 380
Deletion of appendix C of SAS No. 114, The Auditor's Communication With Those Charged With Governance, to reflect conforming amendments due to the issuance of SAS Nos. 107–110 and 114.

AU 380A and 9380A
Deletion of AU section 380A, Communication With Audit Committees, and its interpretation, due to the effective date of SAS No. 114.

AU 9508.93–.97
Addition of Auditing Interpretation No. 19, "Financial Statements Prepared in Conformity With International Financial Reporting Standards as Issued by the International Accounting Standards Board" of SAS No. 58, Reports on Audited Financial Statements.

AU 9325.01–.04
Addition of Auditing Interpretation No. 1, "Communicating Deficiencies in Internal Control Over Compliance in an Office of Management and Budget (OMB) Circular A-133 Audit" of SAS No. 112, Communicating Internal Control Related Matters Identified in an Audit.

AU 9534.01–.04
Deletion of Auditing Interpretation No. 1, "Financial Statements for General Use Only Outside of the United States in Accordance With International Accounting Standards and International Standards on Auditing" of SAS No. 51, Reporting on Financial Statements Prepared for Use in Other Countries.

AU 9534.05–.08
Addition of Auditing Interpretation No. 2, "Financial Statements Prepared in Conformity With International Financial Reporting Standards as Issued by the International Accounting Standards Board" of SAS No. 51.

AU 9534.09–.11
Addition of Auditing Interpretation No. 3, "Financial Statements Audited in Accordance With International Standards on Auditing" of SAS No. 51.

AT 9101.56–.58
Revision of Interpretation No. 6, "Reporting on Attestation Engagements Performed in Accordance With Government Auditing Standards" of AT section 101, Attest Engagements, to reflect conforming changes necessary due to the issuance of the 2007 revised Government Auditing Standards.

In addition, conforming and editorial changes have been made throughout the literature due to the issuance of recent authoritative literature.

005108