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Defining professional requirements in statements on auditing standards; Statement on auditing standards, 102
American Institute of Certified Public Accountants. Auditing Standards Board
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Audit documentation; Statement on auditing standards, 103
American Institute of Certified Public Accountants. Auditing Standards Board and American Institute of Certified Public Accountants. Audit Documentation Task Force
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SAS no. 70 reports and employee benefit plans; Statement on auditing standards, 021
Michael J. Ramos and Linda C. Delahanty
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Codification of Auditing Standards (Including AICPA and PCAOB Auditing Standards)
American Institute of Certified Public Accountants (AICPA)
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Codification of Statements on Auditing Standards, Numbers 1 to 101 (2003)
American Institute of Certified Public Accountants (AICPA)
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Auditing fair value measurements and disclosures; Statement on auditing standards, 101
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
The purpose of this Statement is to establish standards and provide guidance on auditing fair value measurements and disclosures contained in financial statements. In particular, this Statement addresses audit considerations relating to the measurement and disclosure of assets, liabilities, and specific components of equity presented or disclosed at fair value in financial statements. Fair value measurements of assets, liabilities, and components of equity may arise from both the initial recording of transactions and later changes in value. Changes in fair value measurements that occur over time may be treated in different ways under generally accepted accounting principles (GAAP). For example, GAAP may require that some fair value changes be reflected in net income and that other fair value changes be reflected in other comprehensive income and equity.
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Codification of Statements on Auditing Standards, Numbers 1 to 96 (2002)
American Institute of Certified Public Accountants (AICPA)
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Amendment to statement on auditing standards no. 50, reports on the application of accounting principles; Statement on auditing standards, 097
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This amendment revises Statement on Auditing Standards (SAS) No. 50, Reports on the Application of Accounting Principles (AICPA, Professional Standards, vol. 1, 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. The new language is shown in boldface italics and deleted language is shown by strikethrough.
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Audit Documentation; Statement on auditing standards, 096
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
The auditor should prepare and maintain audit documentation, the form and content of which should be designed to meet the circumstances of the particular audit engagement. Audit documentation is the principal record of auditing procedures applied, evidence obtained, and conclusions reached by the auditor in the engagement. The quantity, type, and content of audit documentation are matters of the auditor's professional judgment.
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Consideration of fraud in a financial statement audit; Statement on auditing standards, 099
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
Statement on Auditing Standards (SAS) No. 1, Codification of Auditing Standards and Procedures (AICPA, Professional Standards, vol. 1, AU sec. 110.02, "Responsibilities and Functions of the Independent Auditor"), states, "The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud. [footnote omitted]" This Statement establishes standards and provides guidance to auditors in fulfilling that responsibility, as it relates to fraud, in an audit of financial statements conducted in accordance with generally accepted auditing standards (GAAS).
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Interim financial information; Statement on auditing standards, 071
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
The purpose of this Statement is to establish standards and provide guidance on the nature, timing, and extent of the procedures to be performed by an independent accountant when conducting a review of interim financial information (as that term is defined in paragraph 2 of this Statement). The three general standards discussed in Statement on Auditing Standards (SAS) No. 95, Generally Accepted Auditing Standards (AICPA, Professional Standards, vol. 1, AU sec. 150.02), are applicable to a review of interim financial information conducted in accordance with this Statement. This Statement provides guidance on the application of the field work and reporting standards to a review of interim financial information, to the extent those standards are relevant.
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Omnibus statement on auditing standards--2002; Statement on auditing standards, 098
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
Amendment to Statement on Auditing Standards No. 95, Generally Accepted Auditing Standards, AICPA, Professional Standards, vol. 1, AU sec. 150.05; amendment to SAS No. 25, The Relationship of Generally Accepted Auditing Standards to Quality Control Standards, AICPA, Professional Standards, vol. 1, AU sec. 161.02 and.03; amendment to SAS No. 47, Audit Risk and Materiality in Conducting an Audit, AICPA, Professional Standards, vol. 1, AU sec. 312.34-.41; amendment to SAS No. 70, Service Organizations, AICPA, Professional Standards, vol. 1, AU sec. 324, and rescindment of Interpretation No. 6, "Responsibilities of Service Organizations and Service Auditors With Respect to Subsequent Events in a Service Auditor's Engagement" of SAS No. 70; amendment to SAS No. 58, Reports on Audited Financial Statements, AICPA, Professional Standards, vol. 1, AU sec. 508.65; amendment to SAS No. 8, Other Information in Documents Containing Audited Financial Statements, AICPA, Professional Standards, vol. I, AU sec. 550.07, and amendment to SAS No. 52, Required Supplementary Information, AICPA, Professional Standards, vol. 1, AU sec. 558.08 and.10; amendment to SAS No. 52, Required Supplementary Information, AICPA, Professional Standards, vol. 1, AU sec. 558.02; amendment to SAS No. 29, Reporting on Information Accompanying the Basic Financial Statements in Auditor-Submitted Documents, AICPA, Professional Standards, vol. 1, AU sec. 551.12 and.15; amendment to SAS No. 1, Codification of Auditing Standards and Procedures, AICPA, Professional Standards, vol. 1, AU sec. 561.03, "Subsequent Discovery of Facts Existing at the Date of the Auditor's Report"; amendment to SAS No. I, Codification of Auditing Standards and Procedures, AICPA, Professional Standards, vol. 1, AU sec. 560.01, "Subsequent Events"; and amendment to SAS No. 1, Codification of Auditing Standards and Procedures, AICPA, Professional Standards, vol. 1, AU sec. 530.03-.05, "Dating of the Independent Auditor's Report."
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Codification of Statements on Auditing Standards, Numbers 1 to 93 (2001)
American Institute of Certified Public Accountants (AICPA)
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Effect of information technology on the auditor's consideration of internal control in a financial statement audit; Statement on auditing standards, 094
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This Statement provides guidance on the independent auditors consideration of an entity's internal control in an audit of financial statements in accordance with generally accepted auditing standards. It defines internal control, describes the objectives and components of internal control, and explains how an auditor should consider internal control in planning and performing an audit. In particular, this Statement provides guidance about implementing the second standard of field work: "A sufficient understanding of internal control is to be obtained to plan the audit and to determine the nature, timing, and extent of tests to be performed."
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Generally accepted auditing standards; Statement on auditing standards, 095
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
An independent auditor plans, conducts, and reports the results of an audit in accordance with generally accepted auditing standards (GAAS). Auditing standards provide a measure of audit quality and the objectives to be achieved in an audit. Auditing procedures differ from auditing standards. Auditing procedures are acts that the auditor performs during the course of an audit to comply with auditing standards.
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Codification of Statements on Auditing Standards, Numbers 1 to 90 (2000)
American Institute of Certified Public Accountants (AICPA)
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Auditing derivative instruments, hedging activities, and investments in securities; Statement on auditing standards, 092
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This Statement on Auditing Standards (SAS) provides guidance to auditors in planning and performing auditing procedures for assertions about derivative instruments, hedging activities, and investments in securities2 that are made in an entity's financial statements.3 Those assertions4 are classified according to five broad categories that are discussed in SAS No. 31, Evidential Matter (AICPA, Professional Standards, vol. 1, AU sec. 326.03-.08).
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Federal GAAP hierarchy; Statement on auditing standards, 091
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
In October 1999, AICPA Council passed a resolution recognizing the Federal Accounting Standards Advisory Board (FASAB) as the body designated to establish generally accepted accounting principles (GAAP) for federal governmental entities under Rule 203, Accounting Principles, of the AICPA's Code of Professional Conduct. This amendment adds the following two new paragraphs to Statement on Auditing Standards (SAS) No. 69, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles in the Independent Auditor's Report, to establish a hierarchy of accounting principles for federal governmental entities.
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Omnibus statement on auditing standards -- 2000; Statement on auditing standards, 093
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
Withdrawal of Statement on Auditing Standards No. 75, Engagements to Apply Agreed-Upon Procedures to Specified Elements, Accounts, or Items of a Financial Statement, AICPA, Professional Standards, vol. 1, AU sec. 622; Amendment to SAS No. 58, Reports on Audited Financial Statements, AICPA, Professional Standards, vol. 1, AU sec. 508; and Amendment to SAS No. 84, Communications Between Predecessor and Successor Auditors, AICPA, Professional Standards, vol. 1, AU sec. 315.
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Codification of Statements on Auditing Standards, Numbers 1 to 87 (1999)
American Institute of Certified Public Accountants (AICPA)
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Audit adjustments; Statement on auditing standards, 089
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
In accordance with AU section 310.05, the auditor should establish an understanding with the client regarding the services to be performed for each engagement. That understanding should be documented, preferably in an engagement letter or other written communication. AU section 310.06 specifies various matters that generally are addressed in the understanding, including management's responsibility for the financial statements. One of the matters that is not specifically addressed is management's responsibility for determining the appropriate disposition of financial statement misstatements aggregated by the auditor. This amendment adds the following to the list in AU section 310.06 of matters that generally are included in the understanding with the client.
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Audit committee communications; Statement on auditing standards, 090
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This amendment revises Statement on Auditing Standards (SAS) No. 61, Communication With Audit Committees (AICPA, Professional Standards, vol. 1, AU sec. 380.03), and adds a new paragraph to SAS No. 61 (AU sec. 380.11) to reflect recommendation number 8 in the 1999 report of the Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees. This amendment requires an auditor of Securities and Exchange Commission (SEC) clients to discuss with audit committees the auditor's judgments about the quality, not just the acceptability, of the company's accounting principles and underlying estimates in its financial statements. The new language is shown in boldface italics.
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Service organizations and reporting on consistency; Statement on auditing standards, 088
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This amendment clarifies the applicability of Statement on Auditing Standards (SAS) No. 70, Reports on the Processing of Transactions by Service Organizations (AICPA, Professional Standards, vol. 1, AU sec. 324), by replacing existing language with the language and concepts in SAS No. 55, Consideration of Internal Control in a Financial Statement Audit (AICPA, Professional Standards, vol. 1, AU sec. 319), as amended by SAS No. 78, Consideration of Internal Control in a Financial Statement Audit: An Amendment to Statement on Auditing Standards No. 55 (AICPA, Professional Standards, vol. 1, AU sec. 319), to state that the SAS is applicable if an entity obtains services from another organization that are part of the entity's information system. It provides guidance to help auditors determine whether services are part of the information system. It also revises and clarifies the factors a user auditor should consider in determining the significance of a service organization's controls to a user organization's controls. In addition, it clarifies the guidance on determining whether information about a service organizations controls is necessary to plan the audit, and that information about a service organization's controls may be obtained from a variety of sources. New language is shown in boldface italics; deleted language is shown by strikethrough.
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Codification of Statements on Auditing Standards, Numbers 1 to 85 (1998)
American Institute of Certified Public Accountants (AICPA)
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Amendment to statement on auditing standards no. 72, letters for underwriters and certain other requesting parties; Statement on auditing standards, 086
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This amendment reflects the changes for issuance of Statement on Standards for Attestation Engagements (SSAE) No. 8, Management's Discussion and Analysis. It also renumbers existing footnotes 22 through 31. This amendment also includes new example R, an addition to the appendix of Statement of Auditing Standards (SAS) No. 72, Letters for Underwriters and Certain Other Requesting Parties (AICPA, Professional Standards, vol. 1, AU sec. 634). New language is shown in boldface italics deletions are shown in strike-through. The amendment is effective for comfort letters issued on or after June 30, 1998. Early application is permissible.
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Restricting the use of an auditor's report; Statement on auditing standards, 087
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This Statement provides guidance to auditors on restricting the use of reports issued pursuant to Statements on Auditing Standards (SASs). This Statement Defines the terms general use and restricted use. Describes the circumstances in which the use of auditors' reports should be restricted. Specifies the language to be used in auditors' reports that are restricted as to use.
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Comment Letters to proposed statement on standards for attestation engagements : Management's discussion and analysis
American Institute of Certified Public Accountants. Accounting Standards Board, College of Charleston, Benjamin Podgor, Arkansas Society of Certified Public Accountants, V. L. Auld & Associates, Sullivan & Cromwell, American Institute of Certified Public Accountants. Private Companies Practice Section, New York State Society of Certified Public Accountants, New Hampshire Society of Certified Public Accountants, Institute of Management Accountants, Society of Louisiana Certified Public Accountants, Lynda Munion Dennis, Air Products, Pennsylvania. Governor's Office, Arthur Andersen, Business and Industry Executive Committee. Professional Issues Subcommittee, New Jersey Society of Certified Public Accountants, New Jersey. Office of Legislative Services. Office of the State Auditor, Price Waterhouse, Deloitte Touche, Massachusetts Society of Certified Public Accountants, General Electric, Coopers & Lybrand, Grant Thornton, Illinois Certified Public Accountants Society. Committee on Auditing Services, Texas Society of Certified Public Accountants. Houston Chapter, Association for Investment Management and Research, Ernst & Young, Financial Executives Institute, Corning, Robert Morris Associates. Accounting Policy Committee, Securities Industry Association. Capital Markets Committee, Sullivan & Cromwell, and American Bar Association. Section of Business Law
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Codification of Statements on Auditing Standards, Numbers 1 to 82 (1997)
American Institute of Certified Public Accountants (AICPA)
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Communications between predecessor and successor auditors; Statement on auditing standards, 084
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This Statement provides guidance on communications between predecessor and successor auditors when a change of auditors is in process or has taken place. It also provides communications guidance when possible misstatements are discovered in financial statements reported on by a predecessor auditor. This Statement applies whenever an independent auditor is considering accepting an engagement to audit or reaudit (see paragraph 14 of this Statement) financial statements in accordance with generally accepted auditing standards, and after such auditor has been appointed to perform such an engagement.
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Consideration of fraud in a financial statement audit; Statement on auditing standards, 082
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
AU Section 110 of Statement on Auditing Standards (SAS) No. 1, Codification of Auditing Standards and Procedures, as amended by this Statement [appendix A] (AICPA, Professional Standards, vol. 1, AU sec. 110, "Responsibilities and Functions of the Independent Auditor"), states that "The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud." This Statement provides guidance to auditors in fulfilling that responsibility, as it relates to fraud, in an audit of financial statements conducted in accordance with generally accepted auditing standards.
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Establishing an understanding with the client; Statement on auditing standards, 083
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This Statement amends Statement on Auditing Standards (SAS) No. 1, Codification of Auditing Standards and Procedures (AICPA, Professional Standards, vol. 1, AU sec. 310, "Relationship Between the Auditor's Appointment and Planning"), to incorporate guidance about auditors establishing an understanding with the client regarding the services to be performed. This Statement also renames the title of AU sec. 310 to Appointment of the Independent Auditor. This Statement is effective for engagements for periods ending on or after June 15, 1998. Earlier application is permitted.
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Management representations; Statement on auditing standards, 085
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This section establishes a requirement that the independent auditor obtain written representations from management as a part of an audit of financial statements performed in accordance with generally accepted auditing standards and provides guidance concerning the representations to be obtained.
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Accounting for Costs of Activities of Not-for-Profit Organizations and Local Governmental Entities that Include Fund Raising; Exposure Draft (American Institute of Certified Public Accountants), 1996, December 14
American Institute of Certified Public Accountants. Accounting Standards Executive Committee
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Codification of Statements on Auditing Standards, Numbers 1 to 79 (1996)
American Institute of Certified Public Accountants (AICPA)
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Amendment to statement on auditing standards no. 31, "evidential matter"; Statement on auditing standards, 080
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
Most of the independent auditors work in forming his or her opinion on financial statements consists of obtaining and evaluating evidential matter concerning the assertions in such financial statements. The measure of the validity of such evidence for audit purposes lies in the judgment of the auditor in this respect, audit evidence differs from legal evidence, which is circumscribed by rigid rules. Evidential matter varies substantially in its influence on the auditor as he or she develops his an opinion with respect to financial statements under audit. The pertinence of the evidence, its objectivity, its timeliness, and the existence of other evidential matter corroborating the conclusions to which it leads all bear on its competence.
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Auditing investments; Statement on auditing standards, 081
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This Statement provides guidance to auditors in auditing investments in securities, that is, debt securities and equity securities,1 and investments accounted for under Accounting Principles Board Opinion No. 18, The Equity Method of Accounting for Investments in Common Stock.
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Codification of Statements on Auditing Standards, Numbers 1 to 29 (1995)
American Institute of Certified Public Accountants (AICPA)
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Amendments to statement on auditing standards no. 72, letters for underwriters and certain other requesting parties; Statement on auditing standards, 076
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement provides guidance to accountants for performing and reporting on the results of engagements to issue letters for underwriters and certain other requesting parties described in and meeting the requirements of paragraph 3, 4, or 5 (commonly referred to as "comfort letters") in connection with financial statements and financial statement schedules contained in registration statements filed with the Securities and Exchange Commission (SEC) under the Securities Act of 1933 (the Act) and other securities offerings. In paragraph 9, this Statement also provides guidance to accountants for performing and reporting on the results of engagements to issue letters for certain requesting parties, other than underwriters or other parties with a due diligence defense under section 11 of the Act, that are described in, but do not meet the requirements of, paragraph 3, 4, or 5.
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Compliance auditing considerations in audits of governmental entities and other recipients of governmental financial assistance; Statement on auditing standards, 074
American Institute of Certified Public Accountants. Auditing Standards Board
1. This Statement is applicable when the auditor is engaged to audit a governmental entity under generally accepted auditing standards This Statement amends Statement on Standards for (GAAS), and engaged to test and report on compliance with laws and regulations under Government Auditing Standards (the Yellow Book) or in certain other circumstances involving governmental financial assistance, such as single or organization-wide audits or program-specific audits under certain federal or state audit regulations.
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Engagements to apply agreed-upon procedures to specified elements, accounts, or items of a financial statement; Statement on auditing standards, 075
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement sets forth standards and provides guidance to an accountant1 concerning performance and reporting in all engagements to apply agreed-upon procedures to specified elements, accounts, or items of a financial statement, except as noted in paragraph 2.
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Amendments to statements on auditing standards no. 22, planning and supervision, no. 59, the auditor's consideration of an entity's ability to continue as a going concern, and no. 62, special reports; Statement on auditing standards, 077
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
Amends Statement on Auditing Standards No. 22, AICPA, Professional Standards, vol. 1, AU sec. 311 Statement on Auditing Standards No. 59, AICPA, Professional Standards, vol. 1, AU sec. 341 and Statement on Auditing Standards No. 62, AICPA, Professional Standards, vol. 1, AU sec. 623.
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Amendment to statement on auditing standards no. 58, Reports on audited financial statements; Statement on auditing standards, 079
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This Statement amends Statement on Auditing Standards (SAS) No. 58, Reports on Audited Financial Statements, to eliminate the requirement that, when certain criteria are met, the auditor add an uncertainties explanatory paragraph to the auditor's report. It also clarifies and reorganizes the guidance in SAS No. 58 concerning emphasis paragraphs, uncertainties, and disclaimers of opinion. This Statement is effective for reports issued or reissued on or after February 29, 1996. Earlier application of the provisions of this Statement is permissible.
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Consideration of internal control structure in a financial statement audit : an amendment to SAS no. 55; Statement on auditing standards, 078
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This amendment revises the definition and description of internal control contained in SAS No. 55, Consideration of the Internal Control Structure in a Financial Statement Audit, to recognize the definition and description contained in Internal Control-Integrated Framework, published by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO report). The Auditing Standards Board (ASB) believes the COSO report is rapidly becoming a widely accepted framework for sound internal control among United States organizations and its acceptance and use will continue to grow. Therefore, the ASB believes it is appropriate to revise SAS No. 55 to recognize the definition and description of internal control contained in the COSO report to provide timely and useful guidance to auditors. New language is shown in boldface italics. In addition, conforming changes to the title, paragraphs 3 through 5, and 23 through 65 of SAS No. 55 are made to change terminologysuch as (a) elements to components, (b) control procedures to control activities, (c) internal control structure to internal control, and (d) policies and procedures to controls (other than those for control activities)as well as paragraph numbers in cross-referencing. Appendixes A, B, C, and D of SAS No. 55 will be deleted by this amendment. The amendment is effective for audits of financial statements for periods beginning on or after January 1, 1997. Early application of the provisions of this Statement is permitted.
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Codification of Statements on Auditing Standards, Numbers 1 to 72 (1994)
American Institute of Certified Public Accountants (AICPA)
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Using the work of a specialist; Statement on auditing standards, 073
American Institute of Certified Public Accountants. Auditing Standards Board
The purpose of this Statement is to provide guidance to the auditor who uses the work of a specialist in performing an audit in accordance with generally accepted auditing standards. For purposes of this Statement, a specialist is a person (or firm) possessing special skill or knowledge in a particular field other than accounting or auditing.
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Codification of Statements on Auditing Standards, Numbers 1 to 71 (1993)
American Institute of Certified Public Accountants (AICPA)
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Letters for underwriters and certain other requesting parties; Statement on auditing standards, 072
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement provides guidance on the nature, timing, and extent of procedures to be applied by the independent accountant in conducting a review of interim financial information, as defined in paragraph 2, and on the reporting applicable to such engagements. It also establishes certain communication requirements for an accountant who has been engaged to perform certain services related to interim financial information, as described in paragraph 5.
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Codification of Statements on Auditing Standards, Numbers 1 to 69 (1992)
American Institute of Certified Public Accountants (AICPA)