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Interim financial information; Statement on auditing standards, 100
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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Meaning of "Present fairly in conformity with generally accepted accounting principles" in the independent auditor's report; Statement on auditing standards, 069
American Institute of Certified Public Accountants. Auditing Standards Board
The purpose of this section is to explain the meaning of the phrase "present fairly... in conformity with generally accepted accounting principles" in the independent auditor's report.
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Reports on the processing of transactions by service organizations; Statement on auditing standards, 070
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement provides guidance on the factors an independent auditor should consider when auditing the financial statements of an entity that uses a service organization to process certain transactions. This Statement also provides guidance for independent auditors who issue reports on the processing of transactions by a service organization for use by other auditors.
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Codification of Statements on Auditing Standards, Numbers 1 to 64 (1991)
American Institute of Certified Public Accountants (AICPA)
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Auditor's consideration of the internal audit function in an audit of financial statements; Statement on auditing standards, 065
American Institute of Certified Public Accountants. Auditing Standards Board
The auditor considers many factors in determining the nature, timing, and extent of auditing procedures to be performed in an audit of an entity's financial statements. One of the factors is the existence of an internal audit function. This Statement provides the auditor with guidance on considering the work of internal auditors and on using internal auditors to provide direct assistance to the auditor in an audit performed in accordance with generally accepted auditing standards.
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Communication of matters about interim financial information filed or to be filed with specified regulatory agencies -- An amendment to SAS no. 36, Review of interim financial information; Statement on auditing standards, 066
American Institute of Certified Public Accountants. Auditing Standards Board
This amendment establishes requirements for communications to management and, in certain situations, to audit committees about certain matters involving interim financial information filed or to be filed with specified regulatory agencies when an accountant is engaged (a) to assist an entity in preparing its interim financial information or (b) to perform procedures on the information. The applicability of these communication requirements is discussed in paragraph 3 of this Statement.
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Compliance auditing applicable to governmental entities and other recipients of governmental financial assistance; Statement on auditing standards, 068
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement establishes standards for testing and reporting on compliance with laws and regulations in engagements, as defined below, under generally accepted auditing standards (GAAS) Government Auditing Standards the Single Audit Act of 1984 and Office of Management and Budget (OMB) Circular A-128 "Audits of State and Local Governments" and OMB Circular A-133, "Audits of Institutions of Higher Education and Other Nonprofit Institutions." It also addresses reporting on the internal control structure under Government Auditing Standards
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Confirmation process; Statement on auditing standards, 067
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement provides guidance about the confirmation process in audits performed in accordance with generally accepted auditing standards.
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Codification of Statements on Auditing Standards, Numbers 1 to 63 (1990)
American Institute of Certified Public Accountants (AICPA)
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Omnibus statement on auditing standards--1990; Statement on auditing standards, 064
American Institute of Certified Public Accountants. Auditing Standards Board
The statements revised are: auditor's consideration of an entity's ability to continue as a going concern, reports on audited financial statements, part of audit performed by other independent auditors.
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Codification of Statements on Auditing Standards, Numbers 1 to 62 (1989)
American Institute of Certified Public Accountants (AICPA)
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Compliance auditing applicable to governmental entities and other recipients of governmental financial assistance; Statement on auditing standards, 063
American Institute of Certified Public Accountants. Auditing Standards Board
This statement establishes standards with respect to testing and reporting on compliance with laws and regulations in engagements, as defined below, under generally accepted auditing standards, Government Auditing Standards, and the Single Audit Act of 1984 it also addresses reporting on the internal control structure under Government Auditing Standards.
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Special reports; Statement on auditing standards, 062
American Institute of Certified Public Accountants. Auditing Standards Board
1. This statement applies to auditors' reports issued in connection with the following: a. Financial statements that are prepared in conformity with a comprehensive basis of accounting other than generally accepted accounting principles (paragraphs 2 through 10) b. Specified elements, accounts, or items of a financial statement (paragraphs 11 through 18) c. Compliance with aspects of contractual agreements or regulatory requirements related to audited financial statements (paragraphs 19 through 21) d. Financial presentations to comply with contractual agreements or regulatory provisions (paragraphs 22 through 30) e. Financial information presented in prescribed forms or schedules that require a prescribed form of auditor's report (paragraphs 32 and 33)
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Codification of Statements on Auditing Standards, Numbers 1 to 51 (1988)
American Institute of Certified Public Accountants (AICPA)
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Analytical procedures; Statement on auditing standards, 056
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement provides guidance on the use of analytical procedures and requires the use of analytical procedures in the planning and overall review stages of all audits.
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Auditing accounting estimates; Statement on auditing standards, 057
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement provides guidance to auditors on obtaining and evaluating sufficient competent evidential matter to support significant accounting estimates in an audit of financial statements in accordance with generally accepted auditing standards. For purposes of this Statement, an accounting estimate is an approximation of a financial statement element, item, or account. Accounting estimates are often included in historical financial statements because a. The measurement of some amounts or the valuation of some accounts is uncertain, pending the outcome of future events. b. Relevant data concerning events that have already occurred cannot be accumulated on a timely, cost-effective basis
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Auditor's consideration of an entity's ability to continue as a going concern; Statement on auditing standards, 059
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement provides guidance to the auditor in conducting an audit of financial statements in accordance with generally accepted auditing standards with respect to evaluating whether there is substantial doubt about the entity's ability to continue as a going concern. Continuation of an entity as a going concern is assumed in financial reporting in the absence of significant information to the contrary. Ordinarily, information that significantly contradicts the going concern assumption relates to the entity's inability to continue to meet its obligations as they become due without substantial disposition of assets outside the ordinary course of business, restructuring of debt, externally forced revisions of its operations, or similar actions.
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Auditor's responsibility to detect and report errors and irregularities; Statement on auditing standards, 053
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement provides guidance on the independent auditor's responsibility for the detection of errors and irregularities in an audit of financial statements in accordance with generally accepted auditing standards. It describes factors that influence the auditor's ability to detect errors and irregularities and explains how the exercise of due care should give appropriate consideration to the possibility of errors or irregularities. It also provides guidance on the auditor's responsibility to communicate detected matters both within and outside the entity whose financial statements are under audit.
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Communication of internal control related matters noted in an audit; Statement on auditing standards, 060
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement provides guidance in identifying and reporting conditions that relate to an entity's internal control structure observed during an audit of financial statements. It is contemplated that the communication would generally be to the audit committee or to individuals with a level of authority and responsibility equivalent to an audit committee in organizations that do not have one, such as the board of directors, the board of trustees, an owner in an owner-managed enterprise, or others who may have engaged the auditor. For the purpose of this Statement, the term audit committee is used to refer to he appropriate recipient of the communication. This Statement also provides guidance on establishing, between the auditor and client, agreed-upon criteria for identifying and reporting additional matters beyond those required by this Statement
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Communication with audit committees; Statement on auditing standards, 061
American Institute of Certified Public Accountants. Auditing Standards Board
1. This Statement establishes a requirement for the auditor to determine that certain matters related to the conduct of an audit are communicated to those who have responsibility for oversight of the financial reporting process. For purposes of this document, the recipient of the communications is referred to as the audit committee. The communications required by this Statement are applicable to (1) entities that either have an audit committee or that have otherwise formally designated oversight of the financial reporting process to a group equivalent to an audit committee (such as a finance committee or budget committee) and (2) all Securities and Exchange Commission (SEC) engagements.
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Consideration of the internal control structure in a financial statement audit; Statement on auditing standards, 055
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement provides guidance on the independent auditor's consideration of an entity's internal control structure in an audit of financial statements in accordance with generally accepted auditing standards. It describes the elements of an internal control structure and explains how an auditor should consider the internal control structure in planning and performing an audit.
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Illegal acts by clients; Statement on auditing standards, 054
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement prescribes the nature and extent of the consideration an independent auditor should give to the possibility of illegal acts by a client in an audit of financial statements in accordance with generally accepted auditing standards. The Statement also provides guidance on the auditor's responsibilities when a possible illegal act is detected.
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Omnibus statement on auditing standards -- 1987; Statement on auditing standards, 052
American Institute of Certified Public Accountants. Auditing Standards Board
This statement revises: meaning of "present fairly in conformity with generally accepted accounting principles" in the independent auditor's report required supplementary information and reporting on information accompanying the basic financial statements in auditor-submitted documents
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Reports on audited financial statements; Statement on auditing standards, 058
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement on Auditing Standards (SAS) changes generally accepted auditing standards by 1. Prescribing a new form for the auditor's standard report. Most significant among the changes from the previous standard report is (a) the addition of an introductory paragraph that differentiates management's responsibilities for the financial statements from the auditor's role in expressing an opinion on them based upon his audit, (b) an explicit acknowledgment that an audit provides reasonable assurance within the context of materiality, and (c) the addition of a brief explanation of what an audit entails. 2. Revising the second standard of reporting to require a reference to consistency in the auditor's report (through the addition of an explanatory paragraph following the opinion paragraph) only when accounting principles have not been consistently applied. 3. Changing the manner of reporting on a material uncertainty to eliminate the "subject to" opinion qualification while retaining the requirement to discuss the matter (through the addition of an explanatory paragraph following the opinion paragraph). This SAS also expands the guidance for addressing and evaluating uncertainties.
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Codification of Statements on Auditing Standards, Numbers 1 to 51 (1987)
American Institute of Certified Public Accountants (AICPA)
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Codification of Statements on Auditing Standards, Numbers 1 to 49 (1986)
American Institute of Certified Public Accountants (AICPA)
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Reporting on financial statements prepared for use in other countries; Statement on auditing standards, 051
American Institute of Certified Public Accountants. Auditing Standards Board
This statement provides guidance for an independent auditor practicing in the United States who is engaged to report on the financial statements of a U.S. entity that have been prepared in conformity with accounting principles generally accepted in another country for use outside the United States. A "U.S. entity" is an entity that is either organized or domiciled in the United States.
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Reports on the application of accounting principles; Statement on auditing standards, 050
American Institute of Certified Public Accountants. Auditing Standards Board
This statement provides guidance that an accountant in public practice (reporting accountant), either in connection with a proposal to obtain a new client or otherwise, should apply. 3a. When preparing a written report on the application of accounting principles to specified transactions, either completed or proposed (specific transactions). b. When requested to provide a written report on the type of opinion that may be rendered on a specific entity's financial statements. c. When preparing a written report to intermediaries on the application of accounting principles not involving facts or circumstances of a particular principal (hypothetical transactions).
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Codification of Statements on Auditing Standards, Numbers 1 to 49 (1985)
American Institute of Certified Public Accountants (AICPA)
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Codification of Statements on Auditing Standards, Numbers 1 to 47 (1984)
American Institute of Certified Public Accountants (AICPA)
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Effects of computer processing on the examination of financial statements; Statement on auditing standards, 048
American Institute of Certified Public Accountants. Auditing Standards Board
1. This amendment adds to the list of required planning considerations in paragraph 3 (as new item c) the methods used by the entity to process significant accounting information. It also adds a new paragraph 9, summarizing those aspects of computer processing that may have an effect on planning an examination of financial statements. Furthermore, it adds a new paragraph 10 that describes how the auditor might consider the need for using a professional possessing specialized skills to determine the effect of computer processing on the examination. Existing paragraphs 9 through 13 are renumbered 11 through 15.
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Letters for underwriters; Statement on auditing standards, 049
American Institute of Certified Public Accountants. Auditing Standards Board
The services of independent certified public accountants include examination of financial statements and schedules contained in registration statements filed with the Securities and Exchange Commission (the SEC) under the Securities Act of 1933 (the Act). In connection with this type of service, accountants often are called upon to confer with clients, underwriters, and their respective counsel concerning the accounting and auditing requirements of the Act and of the SEC, as well as to perform other services. One of these other services is the issuance of letters for underwriters, commonly called comfort letters, which are generally concerned with the subjects described in paragraph 6.
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Codification of Statements on Auditing Standards, Numbers 1 to 44 (1983)
American Institute of Certified Public Accountants (AICPA)
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Audit risk and materiality in conducting an audit; Statement on auditing standards, 047
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement provides guidance on the auditor's consideration of audit risk and materiality when planning and performing an examination of financial statements in accordance with generally accepted auditing standards. Audit risk and materiality affect the application of generally accepted auditing standards, especially the standards of field work and reporting, and are implicit in the auditor's standard report. Audit risk and materiality, among other matters, need to be considered together in determining the nature, timing, and extent of auditing procedures and in evaluating the results of those procedures.
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Consideration of omitted procedures after the report date; Statement on auditing standards, 046
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement provides guidance on the considerations and procedures to be applied by an auditor who, subsequent to the date of his report on audited financial statements, concludes that one or more auditing procedures considered necessary at the time of the examination in the circumstances then existing were omitted from his examination of the financial statements, but there is no indication that those financial statements are not fairly presented in conformity with generally accepted accounting principles or with another comprehensive basis of accounting. This circumstance should be distinguished from that described in SAS No. 1, section 561, which applies if an auditor, subsequent to the date of his report on audited financial statements, becomes aware that facts regarding those financial statements may have existed at that date that might have affected his report had he then been aware of them.
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Omnibus statement on auditing standards -- 1983; Statement on auditing standards, 045
American Institute of Certified Public Accountants. Auditing Standards Board
Statement revises: substantive tests prior to the balance-sheet data related parties, and supplementary oil and gas reserve information.
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Codification of Statements on Auditing Standards, Numbers 1 to 39 (1982)
American Institute of Certified Public Accountants (AICPA)
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Omnibus statement on auditing standards; Statement on auditing standards, 043
American Institute of Certified Public Accountants. Auditing Standards Board
This statement revises: Generally Accepted Auditing Standards auditor's study and evaluation of internal control, receivables and inventories consistency of application of generally accepted accounting principles public warehouses--controls and auditing procedures for goods held reports on audited financial statements the meaning of "present fairly in conformity with generally accepted accounting principles" in the independent auditor's report letters for underwriters and audit sampling.
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Reporting on condensed financial statements and selected financial data; Statement on auditing standards, 042
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement provides guidance on reporting in a client-prepared document on a. Condensed financial statements (either for an annual or an interim period) that are derived from audited financial statements of a public entity that is required to file, at least annually, complete audited financial statements with a regulatory agency. b. Selected financial data that are derived from audited financial statements of either a public or a nonpublic entity and that are presented in a document that includes audited financial statements (or, with respect to a public entity, that incorporates audited financial statements by reference to information filed with a regulatory agency). Guidance on reporting on condensed financial statements or selected financial data that accompany audited financial statements in an auditor-submitted document is provided in SAS No. 29, Reporting on Information Accompanying the Basic Financial Statements in Auditor-Submitted Documents.
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Special-purpose reports on internal accounting control at service organizations; Statement on auditing standards, 044
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement provides guidance on the independent auditor's use of a special-purpose report on certain aspects of internal accounting control of an organization that provides certain services to a client whose financial statements he has been engaged to examine. (Such services are explained in paragraph 3 and the Appendix, "Examples of Service Organizations.") Also, this Statement provides guidance for independent accountants who issue such reports.
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Supplementary mineral reserve information; Statement on auditing standards, 040
American Institute of Certified Public Accountants. Auditing Standards Board
FASB Statement No. 39, Financial Reporting and Changing Prices: Specialized Assets Mining and Oil and Gas, requires entities of certain size that have mineral reserves other than oil and gas to disclose certain quantity and price information. This supplementary information may be disclosed outside the basic financial statements.
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Working papers; Statement on auditing standards, 041
American Institute of Certified Public Accountants. Auditing Standards Board
The auditor should prepare and maintain working papers, the form and content of which should be designed to meet the circumstances of a particular engagement. The information contained in working papers constitutes the principal record of the work that the auditor has done and the conclusions that he has reached concerning significant matters.
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Codification of Statements on Auditing Standards, Numbers 1 to 33 (1981)
American Institute of Certified Public Accountants (AICPA)
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Auditor's considerations when a question arises about an entity's continued existence; Statement on auditing standards, 034
American Institute of Certified Public Accountants. Auditing Standards Board
When the continued existence of an entity is imperiled, there is heightened concern about the recoverability and classification of recorded asset amounts and the amounts and classification of liabilities. This Statement provides guidance regarding the auditor's considerations when information comes to his attention that raises a question about an entity's ability to continue in existence.
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Audit sampling; Statement on auditing standards, 039
American Institute of Certified Public Accountants. Auditing Standards Board
Audit sampling is the application of an audit procedure to less than 100 percent of the items within an account balance or class of transactions for the purpose of evaluating some characteristic of the balance or class. This Statement provides guidance for planning, performing, and evaluating audit samples.
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Filings under federal securities statutes; Statement on auditing standards, 037
American Institute of Certified Public Accountants. Auditing Standards Board
When an independent accountant's report is included in registration statements, proxy statements, or periodic reports filed under the federal securities statutes, the accountant's responsibility, generally, is in substance no different from that involved in other types of reporting. However, the nature and extent of this responsibility are specified in some detail in these statutes and in the related rules and regulations.
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Letters for underwriters; Statement on auditing standards, 038
American Institute of Certified Public Accountants. Auditing Standards Board
1. The services of independent certified public accountants include examination of financial statements and schedules contained in registration statements filed with the Securities and Exchange Commission (the SEC) under the Securities Act of 1933 (the Act). In connection with this type of service, accountants often are called upon to confer with clients, underwriters, and their respective counsel concerning the accounting and auditing requirements of the Act and of the SEC, as well as to perform other services. One of these other services is the issuance of letters for underwriters, commonly called comfort letters, which are generally concerned with the subjects described in paragraph 6.
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Review of interim financial information; Statement on auditing standards, 036
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 and on the reporting applicable to such engagements.